A release on Mondo Visione on 27th August reported that the Securities and Futures Commission (SFC) has commenced proceedings against a group of local and overseas investors suspected of manipulating the shares of a listed company, Ching Lee Holdings Limited through a large scale and highly organised manipulative scheme. On 11th July, the SFC applied for urgent interim injunctions, with a view to ensuring that there are sufficient assets to meet the restoration orders that the court may make for the benefit of affected counterparties to the impugned transactions involving Ching Lee shares. Interim injunction followed, freezing assets of up to $124.9 million held by 15 local and overseas entities – as part of the proceedings against 20 individuals and corporate entities.
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