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SFC Freezes Assets Worth Up to $85.2M Over Alleged Manipulation of Wan Cheng Shrs Trading
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The Securities and Futures Commission (SFC) announced that it obtained a court order to freeze up to $85.2 million of assets belonging to suspect traders of Wan Cheng Metal Packaging (now known as Hong Kong Entertainment International). The Court of First Instance has granted an interim injunction order in proceedings brought by the SFC under the Securities and Futures Ordinance (SFO) against seven defendants who manipulated the shares of Wan Cheng Metal Packaging Company Limited, the SFC stated. Three defendants are prohibited from removing any of their assets which are within Hong Kong, or in any way disposing of or dealing with or diminishing the value of any of their assets which are within Hong Kong, up to the value of $85.2 million. The interim injunction order ensures that there are sufficient assets to meet the restoration orders sought by the SFC, if the Court finds the defendants in the proceedings in contravention of the relevant provisions of the SFO, the SFC added. The interim injunction order remains in effect until the next hearing on 13 March 2026. AASTOCKS Financial News Website: www.aastocks.com |
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