Hong Kong film producer and actor Raymond Wong Pak Ming has started serving his five-month prison sentence for insider trading after voluntarily surrendering his bail.
The 80-year-old told the West Kowloon Magistrates' Court on Wednesday (June 17) that he would begin serving his sentence immediately, though he did not disclose his reasons for giving up bail.
In a written submission to the court, Wong – who was previously released on a HK$200,000 (RM104,423) bail – indicated that he intends to appeal his conviction in the High Court, according to Hong Kong newspaper The Standard.
Wong was convicted last month of insider trading involving shares of Pegasus Entertainment Holdings, the television production company he chaired in 2017.
According to the South China Morning Post, Wong repeatedly advised his younger sister Jenny to trade the company's shares between Aug 25 and Oct 17 that year, while he was negotiating the sale of his own stake to a potential buyer.
The publication added that Jenny made a realised profit of approximately HK$99,000 (RM51,689) from the trades, while shares that remained unsold in her brokerage account generated unrealised gains of some HK$930,000 (RM485,569).
Earlier on June 9, the West Kowloon Magistrates' Court handed Wong a jail sentence and a fine exceeding HK$99,000 (RM51,733).
The actor was also ordered to pay approximately HK$374,000 (RM195,272) towards the Securities and Futures Commission’s investigation costs at the time.
