Hong Kong’s market regulator has started proceedings against veteran movie producer and actor Wong Pak-ming for alleged insider trading related to stock transactions in 2017 involving his movie production and distribution company.
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The Securities and Futures Commission (SFC) said it commenced criminal proceedings against Wong on Thursday involving Transmit Entertainment, formerly known as Pegasus Entertainment Holdings, according to a statement on its website.
No plea was taken and the court adjourned the case to March 27. He was granted a HK$200,000 (US$25,731) bail with reporting requirements for his movement and travel plans.
The 78-year old businessman, popularly known in Hong Kong’s entertainment industry as Raymond Wong, was suspected to have counselled or procured another person to deal in the shares of Pegasus around August 25 to October 17 in 2017, the SFC alleged.
This happened while he was the chairman and the controlling shareholder and had information that he knew was inside information, the SFC said.
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