Two former Magic Circle associates will stand trial for insider trading after the Hong Kong High Court rejected their application to dismiss the proceedings.
In 2010, the Securities and Futures Commission charged former Slaughter and May associate Yong Bik Fung, former Linklaters associate Lee Kwok Wa, and Lee’s two elder sisters with making around $374,000 from trading shares in Taiwan’s Hsinchu International Bank Co. Ltd. and Hong Kong-listed Asia Satellite Telecommunications Holdings Ltd. According to the SFC, the group traded based on inside information Yong and Lee, who were in a relationship, obtained through their work.
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