Insider fails
NZPA-Reuter Hong Kong Taiwan-based businessman, Fred Lee, facing insider dealing charges in New York, has failed to persuade a Hong Kong court to order money released to two of his companies. A High Court ruled that Standard Chartered Bank does not have to release SUSI2.S million (SNZ2O.66M) to two companies controlled by Hong Kong-born Lee. The money, originally deposited with Standard Chartered in Hong Kong, was transferred to the bank’s New York office in accordance with a New York court order. Lee, through his two companies, Nanus Asia and Southridge International, was seeking a court order declaring that the U.S. ruling had no effect in Hong Kong because insider trading was not an offence in the British colony. Lee faces trial in New York on charges of bribing an analyst at the investment bankers, Morgan Stanley, in return for inside information on which he allegedly made SUSI9M (SNZ3I.4OM) by trading stocks.
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Press, 24 September 1988, Page 36
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153Insider fails Press, 24 September 1988, Page 36
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