The lengthy legal battle between the Securities and Futures Commission and US hedge fund Tiger Asia Management took a new twist yesterday, when the regulator referred the alleged insider dealing case to the Market Misconduct Tribunal.

The SFC alleges Tiger Asia and three executives are guilty of insider trading and market manipulation in 2008 and 2009 before share-placement announcements by China Construction Bank (CCB) and Bank of China (BOC). The trio are founder Bill Hwang Sung-kook, managing director and head of trading Raymond Park and trader William Tomita.