plaintiff:
- HKSAR
defendant:
- MAK KWONG YIU (麥光耀)
- CHAN LAI YEE (陳麗兒)
- WONG SHUK ON (黃淑安)
- LEE YICK MING (李易明)
jurisdiction_code: HKCFA
jurisdiction_name: Court of Final Appeal of the Hong Kong Special Administrative Region
case_location:
- 香港特別行政區
- Hong Kong Special Administrative Region
case_reason: >-
  HKSAR appeals against the convictions of defendants for conspiracy to conceal connected transactions
  under the Listing Rules.
case_object:
- conviction
judgment_result:
- charge: Conspiracy to conceal connected transaction (liability issue)
  result: "Allowed. Court restored defendants' convictions, finding concealment of CISL's role as actual\
    \ placing agent constituted unlawful scheme. Key reasons: (1) CISL's connection to CFHL made its agency\
    \ a connected transaction requiring disclosure; (2) defendants' use of Gransing as a front obscured\
    \ this conflict of interest; (3) failure to subject arrangement to Exchange scrutiny violated Listing\
    \ Rules."
judgment_summary: >-
  HKSAR appealed defendants' convictions for conspiring to conceal connected transactions under Listing
  Rules. Core issue: Whether defendants' use of Gransing as a front obscured CISL's role as placing agent,
  violating disclosure obligations. Court rejected sham defense, citing Adams v The Queen, finding concealment
  of fiduciary breach constituted criminal conspiracy. Evidence showed composite scheme to evade Exchange
  scrutiny, breaching Listing Rules. Convictions upheld; defendants ordered to serve original sentences.
involved_entities:
- entity_name: Mr Justice Ribeiro PJ
  reason: Presiding judge in this case, responsible for fact-finding and adjudication.
- entity_name: Mr Justice Fok PJ
  reason: Presiding judge in this case, responsible for fact-finding and adjudication.
- entity_name: Mr Justice Lam PJ
  reason: Presiding judge in this case, responsible for fact-finding and adjudication.
- entity_name: Mr Justice Stock NPJ
  reason: Presiding judge in this case, responsible for fact-finding and adjudication.
- entity_name: Sir William Young NPJ
  reason: Presiding judge in this case, responsible for fact-finding and adjudication.
- entity_name: HKSAR
  reason: Appellant in this case, representing the Hong Kong Special Administrative Region.
- entity_name: CISL
  reason: Corporate entity involved as a placing agent in the conspiracy charges.
- entity_name: CFHL
  reason: Corporate entity involved in connected transactions and placing agreements.
- entity_name: Stock Exchange
  reason: Regulatory institution overseeing connected transactions and corporate disclosures.
- entity_name: Diplock LJ
  reason: Served as judge in Snook v London and West Riding Investments Ltd [4], articulated test for
    determining sham transactions.
- entity_name: Privy Council
  reason: Served as judicial body in Adams v The Queen [5], articulated legal principles for conspiracy
    to defraud.
