Insider trading case involving Blackpool owner Simon Sadler moved to higher Hong Kong court as hearing date set

CameraSport - Alex Dodd
Simon Sadler is a lifelong fan of Blackpool and has owned the Seasiders since 2019

The insider trading case involving Blackpool owner Simon Sadler has been moved to a higher court in Hong Kong.

Mr Sadler founded the hedge fund, Segantii Capital Management, in 2007 and is its chief investment officer.

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Hong Kong’s Securities and Futures Commission (SFC), an independent regulatory body linked to the government, started criminal proceedings against Segantii, Mr Sadler and former trader Daniel La Rocca last month on suspicion of insider dealing in the shares of a Hong Kong-listed company before a block trade in June 2017.

On Wednesday, it was ruled the case would be transferred to a higher court in Hong Kong, with The Eastern Magistrates' Court approving the prosecution’s request to move the case to a district court - with the next hearing set to take place on July 2.

A district court judge can impose a maximum prison term of seven years, compared to two to three in the magistrate's court.

Mr Sadler has been the owner of Blackpool since June 2019. He was born and raised in the town, and is a lifelong fan of the football club.

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Following news of the initial court proceedings, the Seasiders issued a statement, which read: “We have been made aware of a charge brought in Hong Kong against the club's owner Simon Sadler which is entirely unrelated to the club and its operations.

“It will remain business as usual for our day-to-day operations. We understand that Mr Sadler will vigorously defend himself against the charge and there will be no further comments at this time from the club.”

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