A former director of Dow Jones was forced to pay $US8.1m (£4.1m) to USA’s
Securities and Exchange
Commission (SEC) yesterday for his part in attempted insider dealing at a
time when News Corporation had made a secret offer to buy the company.
Sir David Li, also a Hong Kong legislator and Bank of East Asia chief
executive, allegedly told a friend, Michael Leung, who in turn passed on the
information to his daughter and son-in-law, according to an SEC statement.
Leung’s two relatives bought $US15m in Dow Jones stock in anticipation for
the stocks to rise when news of the bid became public, making an estimated $8m
on the transaction.
Sir David was ordered to pay $US8.1m in a civil penalty but escaped being
barred from serving as a company director in the US, while Michael Leung was
told to offer up $US16.2m, although in a settlement with the US regulator
neither of them admitted or denied the SEC’s allegations.
Report argues that the government must change the way it makes tax and budget decisions
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal