Complinet logo
Search
Contact us

Hong Kong: Former Morgan Stanley banker withdraws appeal against criminal conviction

Jan 03 2013 Compliance Complete news team

Former Morgan Stanley banker Du Jun, whose conviction on nine counts of insider dealing was upheld, but whose sentence was modified by Hong Kong's Court of Appeal, withdrew his application for leave to appeal the decision yesterday. This ends criminal proceedings brought by the Securities and Futures Commission (SFC) against Du, which commenced in 2009. Yet, the regulator's civil proceedings against Du under s 213 of the Securities and Futures Ordinance will proceed without delay since criminal proceedings have been concluded. The SFC seeks remedial orders against him and as a result of the Court of Appeal’s decision to reduce Du’s fine in the criminal proceedings, an amount of HK$23.96 million ($3.09 million) has been frozen pending further orders in the SFC’s civil proceedings. The territory's capital markets regulator will seek guidance from the court for what remaining steps need to be taken for the hearing of its civil claim against Du.

Already have an account?

Log in

Want to read this article?

Click here for a free 14 day trial