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Another former Wintech director under arrest

Hoong Kee Tang was arrested and charged with market manipulation and making false or misleading statements in documents supplied to ASIC.

The Australian Securities and Investment Commission (ASIC) has brought charges against another former Wintech Group director, Hoong Kee Tang.

He was arrested and charged with market manipulation and making false or misleading statements in documents supplied to ASIC.

An investigation into the actions arose from a referral from the Australian Securities Exchange (ASX).

Tang faced Melbourne Magistrates Court on June 9 on four counts of market manipulation relating to his involvement in the trading of Wintech Group securities on the Australian Securities Exchange (ASX) between April 28, 2009 and July 24, 2009.

ASIC alleges Tang used an online share trading account in his own name, and an alias, to engage in transactions in Wintech Group securities during this period, creating a false or misleading appearance of active trading in these securities.

ASIC also alleges that he made or authorised the making of false or misleading statements in documents submitted to ASIC in August 2008 and April 2009.

Tang was bailed to appear before the Melbourne Magistrates Court on September 1 for committal mention upon a number of conditions including a surety of $100,000 provided, he will not leave Australia, he will surrender all passports and not attend international points of departure.

The Commonwealth Director of Public Prosecutions is prosecuting this matter.

This follows on from charges made earlier this year against former managing director, Kim Wong, who was arrested on nine criminal charges.

ASIC alleged Wong engaged in falsification of Wintech’s books between February 18 and April 27 2009.

Wong was charged with eight counts of contravening section 1307(1) and one count of contravening section 1309(1) of the Corporations Act 2001.

The alleged act occurred before the company announced its intentions to acquire IT distributor Westan in July 2009. The deal was called off a month later when Wintech’s distribution arm, Magnafield Technology Distribution (MTD), went into receivership.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: ASIC, Australian Securities and Investment Commission, Magnafield, Technology, Westan
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