
Ex-Morgan banker charged with insider dealing
A former Morgan Stanley managing director has been arrested and charged in Hong Kong with insider dealing linked to trades in CITIC Resources Holdings Ltd, the territory's financial regulatory body said.
Du Jun was detained at the Hong Kong International Airport on Thursday after arriving from Beijing and appeared in court on Friday, Hong Kong's Securities and Futures Commission (SFC) said in a statement on its website.
The regulator said no plea was taken and the case was adjourned to Sept 5, with Du granted bail and ordered to surrender all travel documents.
The SFC said the charges allege that on nine occasions between Feb 15 and April 30 last year, Du dealt in CITIC Resources shares while in possession of material and price sensitive information not known to the market.
The regulator said it is alleged Du obtained the information, involving a proposed deal announced on May 9, 2007, while part of a Morgan Stanley team involved in advising CITIC Resources.
"The charges relate to a total of 26.7 million shares in CITIC Resources allegedly acquired by Du at a cost of about HK$86 million ($11.02 million)," the statement said.
"On 30 April 2007, the last day Du was alleged to have bought CITIC Resources shares, the share price of CITIC Resources closed at HK$3.68. The price rose by 13.86 percent to HK$4.19 on the day of the announcement."
The SFC said Du is also alleged to have counselled or procured his wife Li Xin, who is not facing any charges, to deal in CITIC Resources shares on February 27.
The statement said Du, who had been residing mainly in Beijing since last year, no longer works for Morgan Stanley. It said the US investment bank reported Du's trading to the SFC in May 2007 and has co-operated fully with the investigation.
Morgan Stanley did not immediately respond to e-mails seeking comment on Saturday. Du could not immediately be reached for comment.

NBFCs, fintech companies urge FM Sitharaman to enhance lending facilities

Bitcoin’s turbulence helps kindle rally in largest rival Ether

Mindtree shares climb 6% as net profit jumps in Q3 report

Petrol price touches record high of ₹85 in Delhi, diesel surpasses ₹75 mark

Sensex jumps over 700 points to 49,274; Nifty nears 14,500

Government may rationalise 120 autonomous bodies

Centre likely to set up DFIs to meet infra funding needs

Suzuki takes SUV battle to Hyundai

Stocks extend decline on weak global cues, valuation concerns

Indian companies consider buying vaccines for employees

IMF chief sees 'high degree of uncertainty' in global outlook

Healthcare sector's revenue expected to grow 20% in 2021-22: Report

IRFC IPO subscribed 65% on first day of offer

GST compensation shortfall: FinMin releases installment of ₹6,000 cr to states
