Sir David Li, a member of the Dow Jones board and of the Hong Kong business elite, has been called by the US Securities and Exchange Commission (SEC) to testify in its investigation into suspicious trading in the media group’s shares before a takeover approach by News Corporation.

Sir David, who has not been accused by the regulator of any wrongdoing, is among several witnesses due to give depositions in the coming weeks.

These sworn testimonies, taken out of court, are part of an inquiry that the SEC hopes will lead it to a mystery player believed by it to have orchestrated a lucrative insider trading scam before News Corp’s $5 billion (£2.49 billion) bid for Dow Jones, owner of The Wall Street Journal.

The American regulator is already suing Kan King Wong, and his wife, Charlotte Ka On Wong Leung, in Hong Kong for allegedly making an $8 million profit trading on inside information. It is thought to view them as intermediaries working for a mystery planner.

Sir David has ties to Michael Leung, who is Charlotte’s father and who is alleged by the SEC to have provided $3.1 million of the cash she invested. Mr Leung is not being sued. Both men are honorary fellows of Lingnan University, in Hong Kong, and Mr Leung is an active member of the Friends of Cambridge University Hong Kong chapter, founded 25 years ago by Sir David.

The clearest link is that Mr Leung is a director of the Canadian subsidiary of the Bank of East Asia and that Sir David is chairman and chief executive of the financial powerhouse, which acted as principal banker to Mr Leung’s telecoms empire.

Dow Jones declined to comment on Sir David’s scheduled appearance. In a short statement, Sir David said: “Under the law, I am not at liberty to say anything to anyone.”

Sir David has previously maintained that he had nothing to do with the leak of information about News Corp’s offer to Dow Jones, saying that, the way he recollected events, he believed that he did not find out about the offer until a board meeting just before Dow’s annual meeting.

“I did not disclose to anyone any information about Dow Jones,” Sir David told The Wall Street Journal in May.

News Corp, parent company of The Times, submitted a formal offer letter to the Dow Jones board just before the annual meeting on April 18, whereas the couple began to buy shares on April 13. However, an initial approach from News Corp to Dow Jones had been made informally in the week beginning April 9.

The SEC has frozen cash of $23 million in the couple’s bank accounts until September, when it will need to provide more information if it wishes to continue the asset freeze.

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