Hong Kong's Securities and Futures Commission has obtained an interim injunction from the Court of First Instance under section 213 of the Securities and Futures Ordinance against four people suspected of manipulating shares of KNT Holdings Limited, freezing assets up to around HKD 219 million. The order restrains the suspects from disposing of, dealing with, diminishing the value of, or removing from Hong Kong specified assets, including interests in certain real properties, securities, and bank and insurance accounts, up to the capped amount. It is designed to preserve funds for any future court order, including potential compensation to affected investors, and will remain in effect until the section 213 proceedings are determined or the Court orders otherwise. The injunction forms part of a broader enforcement action into an alleged ramp-and-dump involving KNT shares between 28 February 2019 and 15 May 2019. Three of the four suspects are among 12 defendants in related criminal proceedings and the remaining suspect is subject to an arrest warrant, with the District Court trial scheduled to start on 6 April 2027 on charges including conspiracy-to-defraud-type offences and money laundering.
Hong Kong Securities & Futures Commission 2026-03-25
Hong Kong Securities and Futures Commission wins interim injunction freezing up to HKD 219 million of assets linked to suspected KNT share manipulation
The Hong Kong Securities and Futures Commission secured an interim injunction from the Court of First Instance against four individuals suspected of manipulating KNT Holdings Limited shares, freezing assets up to HKD 219 million. The injunction aims to preserve funds for potential compensation to affected investors and is part of broader enforcement related to a ramp-and-dump scheme. Three suspects face related criminal proceedings, with a trial set for April 2027, while the fourth is subject to an arrest warrant.