Hong Kong Film Mogul Raymond Wong Sentenced to 5 Months for Insider Trading

(Central News Agency, Hong Kong, 9th) Hong Kong film industry celebrity Raymond Wong was charged with insider trading of stocks. He was earlier found guilty by the court, which today sentenced him to five months in prison and a fine. Wong was granted bail pending appeal.

According to local media reports, the magistrate stated during sentencing that although Wong had dedicated his life to the Hong Kong film industry and the actual profit involved in the insider trading was not significant, as a shareholder of Tianma Film, his actions would impact public confidence in the Hong Kong securities market.

Reports indicate that Wong requested a reduced sentence on grounds of reputational damage and physical and mental health, but the judge did not consider these as valid reasons for reduction. He was ultimately sentenced to five months in prison, fined HK$99,000 (approximately NT$398,267), and ordered to pay HK$374,000 in investigation costs to the Securities and Futures Commission.

The 79-year-old Wong (born Wong Pak Ming) is the chairman and controlling shareholder of Tianma Film Cultural Holdings Limited. He is suspected of inciting or inducing another person to trade in Tianma Film shares between August and October 2017.

According to reports, the prosecution alleged that he transferred HK$2 million to his sister on several occasions, instructing her to buy company shares. His sister eventually purchased shares worth HK$1.6 million. (Editor: Zhou Huiying) 1150609