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 Court of Appeal's overturning of convictions of four defendants on conspiracy charges
  involving concealment of a connected person's role in share placements to avoid Listing Rules requirements.
case_object:
- criminal convictions
- sentence
- conspiracy charges
judgment_result:
- charge: Conspiracy charges - dishonest concealment of CISL's role as placing agent with Gransing as
    front (liability issue)
  result: Allowed. Court held that the interposition of Gransing was a disguise to conceal CISL's agency
    and avoid connected transaction scrutiny under Listing Rules. The unlaufulness lies in the concealment
    of CISL's role creating conflict of interest and avoiding independent director/Stock Exchange scrutiny.
    The Court of Appeal erred in requiring that placement/sub-placement agreements be sham transactions
    under Snook test. D1-D4's convictions restored.
judgment_summary: >-
  HKSAR appealed against Court of Appeal's overturning of four defendants' convictions for conspiracy
  to defraud through concealing CISL's role as placing agent by interposing Gransing as front. The CFA
  held the Court of Appeal erred in requiring sham transactions under Snook test; concealment of connected
  transactions to avoid Listing Rules scrutiny constitutes fraud without the agreements being shams. Appeal
  allowed, D1-D4's convictions restored.
involved_entities:
- entity_name: Mr Justice Ribeiro PJ
  reason: Presiding judge (Permanent Justice) in this Court of Final Appeal case, delivered judgment concurring
    with Sir William Young NPJ.
- entity_name: Mr Justice Fok PJ
  reason: Presiding judge (Permanent Justice) in this Court of Final Appeal case, delivered judgment concurring
    with Sir William Young NPJ.
- entity_name: Mr Justice Lam PJ
  reason: Presiding judge (Permanent Justice) in this Court of Final Appeal case, delivered concurring
    judgment providing alternative analysis for allowing the appeal and restoring convictions.
- entity_name: Mr Justice Stock NPJ
  reason: Non-Permanent Justice in this Court of Final Appeal case, delivered judgment with analysis on
    concealment of connected transactions.
- entity_name: Sir William Young NPJ
  reason: Non-Permanent Justice in this Court of Final Appeal case, delivered lead judgment allowing the
    appeal and restoring convictions of defendants.
- entity_name: MAK KWONG YIU (麥光耀)
  reason: First defendant (D1), respondent in this criminal appeal, convicted and subject to restored
    convictions.
- entity_name: CHAN LAI YEE (陳麗兒)
  reason: Second defendant (D2), respondent in this criminal appeal, convicted and subject to restored
    convictions.
- entity_name: WONG SHUK ON (黃淑安)
  reason: Third defendant (D3), respondent in this criminal appeal, convicted and subject to restored
    convictions.
- entity_name: LEE YICK MING (李易明)
  reason: Fourth defendant (D4), respondent in this criminal appeal, convicted and subject to restored
    convictions.
- entity_name: Lord Diplock (Diplock LJ)
  reason: Lord Justice of Appeal in England, set out the test for sham transactions in Snook v London
    and West Riding Investments Ltd, cited in paragraph 10 of this judgment.
- entity_name: CISL
  reason: Company acting as actual placing agent, identified as connected person to CFHL, whose agency
    was concealed by defendants.
- entity_name: CFHL
  reason: Company involved in the placing agreements, with CISL as a connected person under the Listing
    Rules.
- entity_name: Gransing
  reason: Company used as front or disguise for CISL's placing agent role, interposed between CFHL and
    CISL in the transaction structure.
- entity_name: Hong Kong Stock Exchange
  reason: Regulatory body governing connected transaction regime, responsible for scrutiny of potential
    conflicts of interest under Listing Rules.
- entity_name: Quincy Wong
  reason: Individual with indirect interest in CISL, creating the connected transaction relationship with
    CFHL that required concealment.
