Hong Kong regulator wins victory in bid to ban Tiger Asia fund

Feb 23 (Reuters) - Hong Kong's Court of Appeal has overturned a decision blocking the market regulator's attempt to freeze assets of New York-based hedge fund Tiger Asia and ban it from trading in the city.

The ruling marks a victory for the Securities and Futures Commission (SFC) which has alleged the fund engaged in insider dealing. The case is seen as a major test of the regulator's ability to bring to book investors or companies based outside Hong Kong.

In a ruling handed down by the Hong Kong Court of Appeal on Thursday, the three judges set aside a previous ruling from another court that it had no jurisdiction to impose such an order.

The SFC was appealing against a ruling issued in June when the Court of First Instance said it was for the city's criminal courts or Market Misconduct Tribunal to determine whether any wrongdoing had occurred.

The SFC first applied for the order in April 2010 following allegations that the fund and three executives -- founder Bill Hwang, head of trading Raymond Park, and trading support officer William Tomita -- had engaged in insider dealing in shares of China Construction Bank Corp and Bank of China Ltd in 2008 and 2009.

The SFC had alleged that Julian Robertson seeded-Tiger Asia was given advance notice by third parties of forthcoming share placements by Bank Of China and CCB and shorted shares in the stocks ahead of the placements being publicly announced.

Tiger Asia has denied all of the allegations.