Wong, Dickson Kai Tat 王啟達

The case now goes back to a new Market Misconduct Tribunal. The first one cleared him but used the wrong standard of proof, criminal rather than civil.

The court rules that the MMT, chaired by Garry Tallentire, was "plainly wrong when it found that Mr Cheng had not engaged in market misconduct by insider dealing" in China Gas (0384) shares, because it had applied a criminal standard of proof (beyond reasonable doubt) rather than the civil standard (on a balance of probabilities). The court sends the matter back to a differently constituted MMT panel.

In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article.