The District Court today held the first hearing on the insider dealing prosecution against Segantii Capital Management Limited, its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca after the case was being transferred from the Magistrates’ Court (Note 1).
The proceedings were commenced by the Securities and Futures Commission (SFC). The three defendants in the case are charged with the criminal offence of insider dealing in respect of the shares of a listed company prior to entering into a block trade in June 2017 in the shares of that listed company (Note 2).
No plea was taken from the defendants and the case was adjourned to 15 October 2024 for mention.
Sadler and La Rocca were released on bail pending the next hearing on the following conditions: (i) cash bail of $1,000,000 and $500,000 respectively; (ii) they shall inform the SFC 24 hours before leaving Hong Kong, and to provide the SFC with full itinerary with contact details; (iii) they shall reside at the home address provided to the SFC and inform the SFC 48 hours in advance of any change of address and/or contact details whilst abroad; and (iv) they shall not contact either directly or indirectly any prosecution witnesses.
No further comment will be made as legal proceedings are ongoing.
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Notes:
Please see the SFC’s press releases dated 2 May 2024 and 12 June 2024.
The listed company is Esprit Holdings Limited.
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