First insider dealing hearing from laws passed in 1991 opens

THE first Insider Dealing Tribunal hearing to be held under laws passed in 1991 opened yesterday before Mr Justice Stock with a preliminary hearing of the inquiry into the trading of Success Holdings.

Last year, Success Holdings was renamed Walsin Hong Kong Corp after being taken over by Walsin.

In a separate development, Angkasa Marketing (Singapore), a wholly owned subsidiary of Malaysian-based Amalgamated Steel Mills, said yesterday it was beneficially interested in 206.6 million shares in Walsin, representing about 98.34 per cent of its issued share capital, following an offer that closed on April 22.

Walsin had requested the Stock Exchange to suspend dealings in its shares pending an announcement. Angkasa and Walsin have undertaken to ensure that at least 25 per cent of the issued share capital of Walsin will be held by the public as soon as possible.

Mr Justice Stock, sitting with members Patrick Yeung and Derek Murphy, pointed out that the role of the tribunal was inquisitive and anyone implicated in any matter was entitled to be represented by a lawyer.

The inquiry, which will start next Monday, follows an investigation by the Securities and Futures Commission (SFC) into the trading of Success Holdings between May 15 and June 12, 1992.

After a report was compiled, it was handed over to Financial Secretary Sir Hamish Macleod who passed the case on to the tribunal.