Arab Today, arab today fidelity defends hong kong fund manager
Last Updated : GMT 21:55:33
Arab Today, arab today
Arab Today, arab today

Fidelity defends Hong Kong fund manager

Arab Today, arab today

Arab Today, arab today Fidelity defends Hong Kong fund manager

Hong Kong - AFP

US investment fund giant Fidelity Management on Thursday defended a Hong Kong portfolio manager charged with insider dealing, saying he "did not violate any laws or regulations." The comments come after documents revealed on Wednesday that the city's financial secretary has accused George Stairs of improperly trading shares in Chinese food giant Chaoda Modern Agriculture. The Chinese firm's chairman Kwok Ho and chief financial officer Andy Chan were also charged in the case for allegedly supplying Stairs with inside information before a share offering in June 2009. A Fidelity spokesman said in an email that the fund company had a "zero-tolerance policy" on insider trading, but added that an internal probe already cleared Stairs over his trading of Chaoda shares. "Fidelity conducted a thorough internal review of this matter in 2009 consistent with its strong protocols around material non-public information," the spokesman said. "We continue to believe that Mr. Stairs did not violate any laws or regulations," he added. Stairs remains a Fidelity employee "in good standing" who has taken up a new research position at the company, he said. The claims, detailed in a notice posted to the city's Market Misconduct Tribunal, said Stairs improperly traded Chaoda stock before and after a HK$1.78 billion ($229 million) share sale in June 2009. Acting on insider information from Kwok and Chan, Stairs allegedly sold HK$1.98 million worth of Chaoda shares at HK$5.30 each before the placement and bought back HK$2.90 million worth of shares at HK$4.60 after the sale. The pair "knew or had reasonable cause to believe that Stairs will make use of the relevant information to deal in shares of Chaoda," the documents said.

arabstoday
arabstoday

GMT 21:25 2017 Wednesday ,24 May

Egypt bourse rebounds at beginning of trading

GMT 03:39 2017 Wednesday ,24 May

Saudi stocks drag lower before Ramadan

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fidelity defends hong kong fund manager Arab Today, arab today fidelity defends hong kong fund manager

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fidelity defends hong kong fund manager Arab Today, arab today fidelity defends hong kong fund manager

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show

GMT 21:25 2017 Wednesday ,24 May

Egypt bourse rebounds at beginning of trading

GMT 03:39 2017 Wednesday ,24 May

Saudi stocks drag lower before Ramadan

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday