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).
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.
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