Leung, Chi Keung (Edmond)

Member’s name: Mr Leung, Chi Keung (Edmond)
Date of Hearing: 16 January 2013
Division: Hong Kong
Tribunal: Disciplinary Tribunal

On 16 January 2013 the Disciplinary Tribunal found Mr Chi Keung Leung breached Article 39(a)(ii)F of the Constitution on three occasions in that he was "the subject of an adverse finding that has not been overturned on appeal in relation to the Member's conduct, competence or recognition by any Court, professional body, statutory or other regulatory authority in any jurisdiction" in respect of:

• Orders made by the Market Misconduct Tribunal of Hong Kong (MMT) on 20 August 2009 which Orders were not overturned following an appeal by Mr Leung to the High Court (in a Judgement handed down on 18 April 2012). The MMT found that Mr Leung was "culpable of market misconduct" and was guilty of "insider dealing" and made Orders including:
  1. that for eight months he shall not deal in securities in Hong Kong
  2. that he pay the Securities and Futures Commission HK$361,854.00 in costs
  3. a recommendation that the HKICPA, CPA Australia, the Hong Kong Society of Financial Analysts, HKSI, and the Hong Kong Institute of Directors take disciplinary action against him
• as a result of the MMT Orders, a decision of the Membership Committee of the Hong Kong Securities Institute (HKSI) on 7 September 2009 which suspended Mr Leung’s membership from 16 October 2009 to 20 April 2010
• as a result of the MMT Orders, a decision of the Hong Kong Institute of Certified Public Accountants (HKICPA) on 19 September 2012 that Mr Leung be reprimanded, his name be removed from the register of certified public accountants for a period of 12 months effective 31 October 2012 and he pay a penalty of HK$100,000.

At the Disciplinary Tribunal Hearing Mr Leung admitted the breaches.

Penalty and Costs

The Disciplinary Tribunal imposed the sanction of:

• forfeiture of Membership in respect of the three complaints for a period of 12 months to be served concurrently
• prior to any application for readmission Mr Leung must first successfully complete the Ethics & Governance Segment of the CPA Program.

Mr Leung was also ordered to pay a contribution towards CPA Australia’s costs of AU$1121, payable prior to any application for readmission.