The Court of First Instance has dismissed a judicial review application by Mr Chen Wencan and Ms Su Jiaqi against the Securities and Futures Commission (SFC) regarding restriction notices issued in an ongoing investigation into a suspected “ramp-and-dump” scheme. The applicants challenged the restriction notices issued by the SFC to freeze their assets in various trading accounts, arguing that they were unconstitutional. The Court rejected their arguments and upheld the SFC’s statutory powers to issue restriction notices to protect investors and the public interest. The Court also ordered the applicants to pay the SFC’s costs in relation to the proceedings.
resource: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR23