According to the Securities and Futures Commission (SFC), its action relates to trading conducted by Chui Wing Nin in CITIC Pacific shares, prior to a profit warning issued in October 2008.
Chui, a former assistant director of the finance department at CITIC Pacific, appeared in the Eastern Magistracy today, where he pleaded not guilty to two counts of insider dealing.
David Dufton, the acting principal magistrate, fixed the pre-trial review for 20 Oct, 2011 and Chui was released on $50,000 bail, the SFC reports.
The SFC alleges that Chui sold 81,000 CITIC Pacific shares in September 2008, while in possession of “confidential, price sensitive information” about the company’s foreign exchange losses. Chui avoided a notional loss of about $1.36m as a result, according to the allegations.
As International Adviser reported, the SFC this month concluded an insider trading case against Steve Luk Ka Cheung, a former vice president and fund manager at JF Asset Management.
