Hong Kong's market regulator yesterday secured its highest profile conviction for insider trading, with the prosecution of a former Morgan Stanley investment banker who helped win coveted business from China's largest state-owned investment group.
Du Jun was found guilty on 10 counts in an insider-dealing verdict described by the Securities and Futures Commission as its “most significant” since the regulator ramped up its enforcement regime two years ago.
In a lengthy oral judgment, district court judge Andrew Chan accepted the SFC's assertion that Mr Du had traded on insider information obtained while advising Citic Resources, an arm of China's largest state investment company, on a $1bn bond offering and potential oil hedging contracts.
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