ASIC: Company director in court on market manipulation charges
Mr Hoong Kee Tang, a former director of Wintech Group Limited, which is in administration, has been arrested and charged with market manipulation and making false or misleading statements in documents submitted to ASIC.
The charges were brought by ASIC.
Mr Tang faced Melbourne Magistrates Court on Thursday, 9 June 2011 on four counts of market manipulation relating to his involvement in the trading of Wintech Group Limited securities on the Australian Securities Exchange (ASX) between 28 April 2009 and 24 July 2009.
ASIC alleges that Mr Tang used an online share trading account in his own name, and an alias, to engage in transactions in Wintech Group Limited securities during this period that created a false or misleading appearance of active trading in these securities.
ASIC also alleges that he made or authorised the making of false or misleading statements in documents submitted to ASIC in August 2008 and April 2009.
Mr Tang was bailed to appear before the Melbourne Magistrates Court on 1 September 2011 for committal mention upon a number of conditions including that:
- surety of $100,000 be provided;
- he will not leave Australia;
- he will surrender all passports; and
- he will not attend international points of departure.
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ASIC’s investigation arose from a referral from the ASX.
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The Commonwealth Director of Public Prosecutions is prosecuting this matter.
