Asia/Pacific News
Titan Exec Leaves Firm After Insider Trading Charges
A senior executive at Titan Petrochemicals Group Limited [HKG:1192] (Titan) has left the company after being charged with insider trading.
Augustine Cheong Kai Tjieh has paid HK$13.6 million ($1.8 million) at Hong Kong's Court of First Instance, an amount representing the proceeds of his sale of Titan shares in January 2012.
The court, which had frozen Cheong's assets up to that amount, discharged the injunction after he made the payment.
The Securities and Futures Commission (SFC) is seeking injunctions and remedial orders related to the alleged insider trading, arguing that Cheong sold the shares with the non-public knowledge that Titan was almost sure to default on its repayment obligations of $105.87 million.
Titan said it suspended Cheong's employment on January 10, 2013 and he left the company on January 22.
Titan has been facing legal action over misrepresentation of its subsidiaries' financial position, as well as a winding up petition.
