| NEWS RELEASE | January 26, 2000 |
The Stock Exchange of Hong Kong announces that on March 31 and June 4, 1999, the Disciplinary Committee heard the cases of the Member, B.N.P. Securities (Hong Kong) Limited (the Company), its Dealing Director, Mr Muzika, Yann Alexandre F. (Mr Muzika), and its Authorised Clerk, Mr Chu Leung Ching, Gary (Mr Chu). The Disciplinary Committee found a charge against each of the Company, Mr Muzika and Mr Chu for breach of the Rules of the Exchange proved.
The substance of the charge proved against each of the Company, Mr Muzika and Mr Chu was that the Company and Mr Muzika had failed to ensure that Mr Chu indicated 962 transactions were short selling transactions by inputting short selling indicators during the process of entering the orders into the Automatic Order Matching and Execution System on August 28, 1998, representing a total value of HK$1,488,888,221.
The Disciplinary Committee, having considered all the information before it including the representations of the Company, Mr Muzika and Mr Chu, resolved that a penalty of public censure be imposed on each of the Company, Mr Muzika and Mr Chu. It also resolved to fine the Company HK$500,000, Mr Muzika HK$50,000 and Mr Chu HK$30,000 respectively.
All the Company, Mr Muzika and Mr Chu had lodged an appeal with the Disciplinary Appeals Committee. At the meeting held on January 8, 2000, the Disciplinary Appeals Committee, having considered all relevant matters including the submissions of the Company, Mr Muzika and Mr Chu and their grounds of appeal, resolved that the decisions of the Disciplinary Committee against the Company, Mr Muzika and Mr Chu as regards verdict and penalty be upheld.
Corporate Communications Department
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