A former Morgan Stanley banker convicted of insider trading in Hong Kong has been ordered to pay HK$24m (US$3m) to more than 290 investors in the first court ruling of its kind in the city.
Du Jun was convicted in 2009 after trading in shares of Citic Resources in 2007 when he was at Morgan Stanley working on a deal to buy oilfield assets in China. He was then sentenced to seven years in prison, at the time the harshest term to be given for the crime worldwide.
The Securities and Futures Commission, Hong Kong’s market regulator, froze assets of Mr Du worth HK$23.96m based on the losses suffered by investors due to his insider dealing.
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