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Thursday, March 08, 2007
Hong Kong call to fight insider trading

Following last week’s judgement by a legal court in Hong Kong, which sentenced a jockey to 2,5 years of imprisonment for giving away tips for cash, Hong Kong Jockey Club’s chief executive Winfried Engelbrecht-Bresges has called on racing jurisdictions worldwide to be more vigilant about jockeys passing on inside knowledge for profit.

According to the Hong Kong race supremo, tipping should not be tolerated, as customers will go away if they believe there is insider trading.

The Hong Kong ruling was made by a state court, but the Hong Kong Jockey Club will also consider measures of its own after it will have received the transcript of the ruling. According to Engelbrecht-Bresges, international jockeys are thoroughly briefed about the legal situation and every jockey who comes to Hong Kong is alerted by our security registrar and by our racing controllers if one is in breach of this law, it is treated as a criminal case.