Our stories
Cop-slapper gets jail
A niece of a top judge and of a cabinet member received a non-custodial sentence for her third assault on a police officer. The magistrate cited mitigating factors the relevance of which we do not see. Webb-site notes that five weeks earlier, another judicial relative of the cop-slapper upheld a jail sentence on a man with a clean record for the same offence. (4-Aug-2010)
Arculli's rant against competition for HKEx
The HKEx Chairman has apparently launched a campaign to exempt it from the Competition law currently going through LegCo. We dissect his factually flawed and technophobic arguments. Investors in HKEx should not expect its monopolistic profit margin to continue forever. Let the competition begin. (29-Jul-2010)
The SFC and prospectus liability
The SFC complained yesterday about deteriorating standards of sponsors' work in listing applications. Some of the blame lies with the SFC for abandoning in 2006 proposals to reform the law on prospectus liability. Until investors can effectively sue for a fraudulent prospectus, creating a stronger deterrent, the situation is unlikely to improve. (27-Jul-2010)
Manipulation mania
What are markets really for? Does the law on market manipulation, and its enforcement, create unreasonable expectations from investors about the information in market prices, volumes and order queues? We say it does. It is time for the Government and SFC to review their approach and reset public expectations. We also look at shill bidding in auctions. (12-Jul-2010)
Conduit controversy
After watching politicians and the Government thrashing around trying to understand the aborted transactions in a small private building in Conduit Road, it is time for Webb-site to intervene and seek truth from facts. We also call for free online access to the Land Registry to increase transparency. (12-Jul-2010)
Vodafone's potential US$2bn+ claim against Hutch
After selling its Indian business to Vodafone in 2007, HTIL shrank itself by distributing proceeds, as well as its HK business, to shareholders, leaving far less in net tangible assets than the US$2bn+ Indian capital gains tax claim now levied against Vodafone. HTIL was privatised last month. If the tax is upheld, Vodafone may claim it back under an HTIL indemnity. How much is that worth now, and will HWL shareholders carry the can? (23-Jun-2010)
Code Agriculture and Nanjing Everyday
Take a RMB8m investment in a start-up TV channel, whip up some projections, sprinkle on a valuation from the ubiquitous BMI Appraisals, add a large pinch of salt according to taste, bake for 2 months and you have a RMB350m sale to Code Agriculture (8153). Too bad that the air then went out of this pudding. (25-May-2010)
Global Green Tech goes mining
In part 2 of today's look at Global Green Tech (0274), we'll show you how it bought a gold mine for 5.83 times what an AIM-traded company sold it for 3 months earlier, and that one of the middlemen also controls miner Lumena Resources (0067), so we take a look at that too. (25-May-2010)
Cosmetic appearances
When the ICAC charged a person with engineering fraudulent acquisitions by Uni-Bio Science (0690) last month, we suspect they only saw half the story. Webb-site looks at the overlaps between UBS and Global Green Tech (0274), and at a series of its acquisitions. (25-May-2010)
Lincoln University, CCIBA and AKMA
Time to lift the lid on another diploma mill, the people behind it, and the distinguished citizens upon whom it has conferred its prestigious awards. (24-May-2010)
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Other news
ICAC response statement
ICAC, 1-Sep-2010 The listed company is unnamed. SCMP reported this morning that the ICAC visited the offices of C Y Foundation (1182) on 30-Aug-2010.
Peter Gerardus van Weerdenburgm Tommy Tse Tat Fung & Stephen Wong Ting Fong v HKSAR
HK Court of Final Appeal, 30-Aug-2010
Penny's Bay Investment Co Ltd v Director of Lands
HK Court of Final Appeal, 27-Aug-2010 The Government has to pay Penny Bay Investment Co's legal costs.
Chung Nam Securities & responsible officers reprimanded and fined re PCCW trades
SFC, 26-Aug-2010 This relates to the vote-rigging of the headcount in PCCW's privatisation exposed by Webb-site in 2009. The judge in the Court of First Instance said "I agree with the submission of the SFC that there are sufficiently cogent reasons to infer that the 132... persons in whose names the single board lots were acquired through Chung Nam...did so as a result of a plan devised by Eugene Chuang...to boost the head-count...The purchase of 125 single board lots would appear to have been financed by Eugene Chuang".
Censure/criticism of See Corp (0491) and various directors
SEHK, 26-Aug-2010 Note: Lawrence Yu is also an INED of CMMB Vision (0471), Evergrande (3333) and Great China (0141) and NED of Lai Fai (8183). Lincoln Yu is an INED of Future Bright (0703). These companies should review whether these people are suitable INEDs.
Global Green Tech: um, last year we lost $357m more than we said before.
Company announcement, 25-Aug-2010
Archie & Betty da Silva v Gabriel Ricardo Dias-Azedo & Grant Thornton: costs
HK Court of First Instance, 24-Aug-2010
SFC to seek review of insider dealing sentence
SFC, 19-Aug-2010 Well perhaps the defendant has a good background, a well-off family or a good academic record - this was the same magistrate as in the Amina Bokhary case.
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Today's
birthdays, 3 September
Supporter of the
WANTED BY ICAC
Kanjanapas Chong Kwong Derek, also known as Derek Wong Chong-kwong, about 175 cm tall, of medium build.