SFC: The court upholds the prison sentence of insider trading for the former GEM listed financial manager

Photo: Google Image

The Court of First Instance upheld the prison sentence of Ouyang Shaopeng (male), the former group financial manager of China Coalbed Methane Group Co., Ltd. (China Coalbed Methane) for insider trading but allowed him to execute the two charges simultaneously.

Ouyang was sentenced to imprisonment in 2019 and was later granted bail pending appeal. He is now in jail (Note 1).

When Tan Sile, a deputy judge of the High Court, ruled that Ouyang’s appeal was straightforward, he refused to accept all the appeals made by Ouyang. However, considering that it has been nearly nine years since Ouyang committed the crime, he used his discretion to order the imprisonment period to be executed simultaneously. Reduced his four-month prison sentence to three months (Note 2).

The Court of First Instance also ruled that the original fine of $120,000 and the investigation fee of $33,365 to be paid to the Securities and Futures Commission (SFC) remain unchanged (Note 3).

Ouyang was convicted of insider trading in China's coalbed methane earlier, and was sentenced to four months in prison by the Eastern Magistracy on Feb 19, 2019. A copy of the judgment (HCMA163/2019) is available on the Judiciary website (www.judiciary.gov.hk).

Reprinted from Wikifx, the copyright all reserved by the original author.