The Hong Kong market regulator has won an important victory in its efforts to ban the New-York based Tiger Asia hedge fund from trading listed stocks and derivatives in the territory and freeze more than $30m in assets.
The hedge fund, run by one of the so-called Tiger-cubs out of the stable of Julian Robertson’s Tiger Management, is accused by the Securities and Futures Commission of insider trading in China Construction Bank and Bank of China in 2009.
The Court of Appeal in Hong Kong yesterday granted the regulator’s appeal against a High Court decision last summer where the judge had claimed he did not have jurisdiction to order the punishments sought by the SFC.
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