Our stories
FSDC committee members - who they are
The Government's announcement on Friday of short names without their day-jobs left the public wondering who some of these people are. We have now obtained a list from Government which they should have published in the first place, so here it is. Webb-site Who's Who contains much more, of course. (8-Apr-2013)
Tongda and Templeton
When Tongda (0698) trumpeted a "strategic" investment by Templeton in December, and again in the 2012 results this month, demonstrating confidence that the company would reach "new heights", they omitted to mention one very important thing, leaving them both open to prosecution for making misleading statements likely to induce others to buy the shares. (30-Mar-2013)
MTRC (0066) and the FAM
We remind the board of MTRC that although they hold a blanket waiver of the Listing Rules on connected transactions, they cannot agree to amend the Fare Adjustment Mechanism if they expect it to reduce profits, because it would breach their fiduciary duty to minority shareholders. If the Government really wants to run the transport system and set fares, then they should nationalise it. (27-Mar-2013)
Vatican/ Jockey Club election guide
Your guide to the forthcoming (s)elections of new leaders in these venerable institutions. (12-Mar-2013)
The dividend tax myth
We correct the Financial Secretary's latest gaffe and explain why a further tax on corporate profits in the form of a dividend tax would necessitate a steeper salaries tax, a capital gains tax, a tax on worldwide investment income and ultimately a loss of economic output and revenue. It is a myth that dividends are tax-free. (5-Mar-2013)
A secret mile-high stake in Pico (0752)
We name and shame Denver Investments, a US-based fund manager, for failing to disclose its stake in Pico for 13 months. We explain why they are unlikely to face prosecution. (28-Feb-2013)
Double stamp duty
We explain the fallacy in the proposed so-called "demand-side" measures announced on Friday. Higher transaction costs reduce volumes, not prices, and affect both buyers and sellers. We ask whether this is really worth trashing HK's reputation as a free and open economy and what this meddling is trying to achieve. (25-Feb-2013)
The alternative Budget Speech, 2013: Prosperity through Reform
Webb-site reveals the Hong Kong Budget Speech which should be delivered next Wednesday. (22-Feb-2013)
Response to HK's Privacy Commissioner for Personal Data
Last week's very public intervention by the Government's Privacy Commissioner regarding the Webb-site Who's Who database raises important implications for the freedom in Hong Kong to compile, publish, and even access compilations of public domain data on individuals. Having raised these issues, the PCPD must now clarify where we all stand. (20-Feb-2013)
HKIDs and Government secrecy
Webb-site calls on Government to abandon plans to restrict access to HKIDs, and instead to promote their use as unique identifiers of individuals and eliminate their misuse as authenticators. A media exemption would imply media controls. We launch an index of HKIDs which are already on the web. The Companies Registry and Land Registry should tear down the pay-wall and provide open online access to all documents. (12-Feb-2013)
Submission to HK Ombudsman on access to information and records management
Webb-site calls for a Freedom of Information Ordinance, to include provisions on government record-keeping. There should be an online freely accessible archive of records, and pay-walls on registries should be demolished. Government claims to copyright should also be scrapped - we have already paid for what they produce, and it should not be commercial anyway. (12-Feb-2013)
BSD and SSD 2.0 - submission to LegCo
We dissect the proposed Buyer's Stamp Duty and increase and expansion of Special Stamp Duty on residential properties in HK. Government replies to Webb-site reveal that they don't actually have data to support the discrimination between Permanent Residents and Non-PRs, even if the duty were constitutional, which it is not. (5-Feb-2013)
Incorporated last Tuesday: The New People's Party Limited
Regina Ip and Michael Tien finally make it official. (4-Feb-2013)
The FSDC: under development
The Financial Services Development Council is apparently still under development itself. Confusion reigns over what form it will take, how it will be funded (if at all), and even the identity of persons appointed to it. We'll try to add some clarity. (24-Jan-2013) |
Other news
Barry Cheung takes leave of absence from public service positions
HK Government, 21-May-2013 He follows in the footsteps of Henry Fan, who by coincidence also chaired the Standing Committee on Disciplined Services Salaries and Conditions of Service (the policy pay committee) until he took "leave of absence" back on 28-Oct-2008 during the SFC's CITIC Pacific investigation. No charges have been laid in that case, which the police were also investigating. Plus ca change...
Police investigate case referred by SFC
HK Police, 21-May-2013 So, how many 55-year old men surnamed Dai (not Cheung) do we know, and what is their connection to HKMEx?
SFC statement on HKMEx
SFC, 21-May-2013 SFC investigates "serious suspected irregularities", refers "certain matters" to Commercial Crime Bureau.
HKMEx "voluntarily" surrenders its ATS authorization
Company media release, 18-May-2013 Will the Government's Cyberport be looking for a new tenant soon?
Larry Yung's secretary gets suspended 4-week sentence & HK$20k fine
ICAC, 13-May-2013 Unlike its 16-Apr announcement (where we added his name), this time the ICAC names her boss.
Cheung Kong (0001) agrees to unwind sale of Apex Horizon hotel units.
CKH announcement
SFC, 13-May-2013 Interestingly it says "the letter will require purchasers to sign a cancellation agreement and return it within 10 days". And what if the purchaser doesn't want to? Does CKH have any legal power to "require" cancellation?
Ex-KGI staffer jailed for 3 years for accepting HK$1.1m bribes
ICAC, 10-May-2013 See also the SFC's press release of 7-May-2013 with our notes.
Security guards in court for alleged bribery and disclosing identity of person under ICAC probe
ICAC, 10-May-2013
Disciplinary action against two CPAs.
Reasons
HKICPA, 10-May-2013 And the lesson is: if you are going to promote services you shouldn't be offering, then don't send the promotions to your regulator! |
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