Mr Wong Pak Wai has been sentenced by the Eastern Magistrates’ Court to 240 hours of community service and ordered to pay a fine of $25,000, along with investigation costs, after pleading guilty to insider dealing in the shares of Elec & Eltek International Company Limited (E&E). The SFC brought the prosecution against Wong, who was the personal assistant to the chairman and executive director of Kingboard Holdings Limited (KBH) at the time. Wong purchased 3,000 E&E shares based on inside information about a possible privatisation, making a profit of $19,080. Despite the seriousness of the offence, the court considered Wong’s early admission of liability and the relatively small profit involved, leading to a community service order instead of immediate custodial sentence. The SFC emphasizes its zero tolerance for insider dealing, as it undermines public confidence in the financial system.
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