The HK Financial Secretary appointed a 2-man Panel of Inquiry into the recent "Penny Stocks Incident". In the interests of transparency, is publishing the letter we received from PIPSI and our submission in response.

PIPSI Submission
18 August 2002

On 31-Jul-02, the Legislative Council Financial Affairs Panel held a hearing (agenda) into the so-called "Penny Stocks Incident". Pre-empting a call from that panel for a formal Commission of Inquiry under the Commissions of Inquiry Ordinance, the Financial Secretary instead announced that day that he would appoint a 2-man Panel of Inquiry on Penny Stocks Incident (PIPSI).

The panelists are Mr Robert Kotewall, a Senior Counsel (barrister) in private practice, and Mr Gordon Kwong Che-keung

There's not much we can show you on Mr Kotewall on the web, but he did go to Diocesan Boys School in the class of '69 - there he is on the back row! He was also a non-executive director of the SFC until 31-Dec-98.

Mr Kwong is Vice President of COSCO (Hong Kong) Group Ltd, the local arm of mainland government-controlled China Ocean Shipping Company, and is an executive director of HK-listed COSCO International Holdings Ltd and COSCO Pacific Ltd, and an Independent Non-Executive Director of Beijing Capital International Airport Co Ltd and Vision Century Corp Ltd. He was a partner of PriceWaterhouseCoopers until 1998.

We received a letter from PIPSI dated 8-Aug-02 inviting us to make any comments we may have on the "Incident" and any suggestions on the rule-making process. In the interests of transparency, we are publishing the letter and our response.

Click here to read our submission in Acrobat PDF format. If you can't open it, get the free Acrobat reader from Adobe.

©, 2002

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