Hong Kong’s SFC Committee (SFC) has applied for a provisional order by the Court of First Instance Court of First Instance for the freezing of assets intended for compensation for investors affected by a supposed complicated ramp and rejection plan for KNT Holds.
This application is part of the legal procedures of SFC in accordance with Article 213 of the SFO Decree (SFO) against 17 people (defendants) for the alleged handling of KNT shares between February and May 2019.
At the same time, a criminal proceedings will begin at the Regional Court on April 6, 2027, where 12 of the 17 defendants who participated in the aforementioned legal proceedings were charged with various criminal offenses in relation to the same suspected ramp and rejection plan.
In this application, the SFC seeks to contain five defendants from the disposal of their assets of up to $ 219 million, representing the estimated damage suffered by the affected investors.
The first hearing of the application was held today. The court provided further instructions and suspended the application on December 22, 2025 for a substantial hearing.