Ex-HK Market Watchdog Official Charged With Tipping Off Friends
- Former employee allegedly divulged stock-price-sensitive info
- Co-accused alleged to have used tips in derivatives trading
Three people, including a former manager of Hong Kong’s securities watchdog, were charged with conspiring to commit misconduct for allegedly sharing non-public information on a planned rights issue and profiting from it.
Kenneth Leung, 30, who was employed as a manager of the Securities and Futures Commission’s investment products division, and Lai Lit-wai, 34, a Hospital Authority nurse, face one count of conspiracy to commit misconduct in public office, according to a statement from the city’s Independent Commission Against Corruption late Friday. Leung and Cheung Tsz-kin, 35, a senior government counsel at the Department of Justice, jointly face another count on the same charge, it said.