Getting to 601: How Beijing controls the HK Chief Executive election
Carrie Lam continues to peddle the lie that the Chief Executive Election Committee is "broadly representative", often unchallenged by foreign media. We explain exactly how it is rigged, and how with enough political courage, she could unrig it and introduce democracy through local legislation, without Beijing's approval. (28-Jan-2020)
Where can one protest if not near MTR stations?
Police have banned a protest march on HK Island on Sunday, partly because it goes near several MTR stations. Of course, the whole point of Mass Transit is to take people near urban areas. This image shows what a 500 metre no-protest zone around stations on the MTR Island line would look like. (13-Sep-2019)
MTR videos are not Personal Data under PDPO
The MTRC and Police are hiding behind a "personal data" excuse for not releasing videos of the incident in Prince Edward Station on 31-Aug-2019. The law on this is clear: if the video doesn't name the subjects, then it isn't personal data. So said the Court of Appeal in 2000. HK badly needs a Freedom of Information law. (10-Sep-2019)
Operating arrangements with MTRC announced for Express Rail Link
HK Government, 23-Aug-2018
Wow, HK$2.7bn to Government over 10 years, on an investment of $84bn. That's about a 0.3% return per year. And why bother involving MTRC? Why didn't the HK Government just lease the asset to China National Railways?
Ex-MTRC manager jailed for HK$580k design service payments fraud
ICAC, 20-Apr-2018
Duo in court over HK$580k MTR (0066) design service payments fraud
ICAC, 22-Nov-2017
2 ex-Chun Wo Construction supervisors jailed for accepting HK$160k in kickbacks
ICAC, 1-Sep-2017
Chun Wo is owned by Asia Allied Infrastructure (0711).
2 ex-Chun Wo Construction supervisors admit accepting HK$160k in kickbacks
ICAC, 24-Aug-2017
Chun Wo is owned by Asia Allied Infrastructure (0711). The two convicts were working as site supervisors at the Whampoa Station of the MTR and took kickbacks from 9 metal scaffolders for employing them, ranging from $150 to $250 per day on an $1100 daily wage. No wonder construction is becoming so expensive in HK.
2 ex-Chun Wo Construction supervisors charged with accepting HK$160k in kickbacks
ICAC, 27-Jun-2017
Chun Wo is owned by Asia Allied Infrastructure (0711). The two defendants were working as site supervisors at the Whampoa Station of the MTR and are alleged to have taken kickbacks from 9 metal scaffolders for employing them.
Webb on RTHK Newswrap re West Kowloon-Shenzhen railway
RTHK, 1-Feb-2016
Submission to LegCo on XRL
Webb-site has today made the following submission to the Legislative Council Finance Committee and its Public Works Subcommittee regarding the HK section of the Express Rail Link to Shenzhen. (14-Jan-2016)
MTRC and the new Kowloon-Canton railway
We call on Government to disclose what the revenue-sharing deal with China Railway will be and to lease XRL directly to China Railway rather than MTRC, leaving MTRC to run the HK network. The MTRC special dividend should be unconditional and should be increased from $4.40 to $11 per share, slimming down the obese balance sheet to a healthy weight. (12-Jan-2016)
Payments to Chief Executive raise new questions in HK
New York Times, 10-Oct-2014
Webb on "Newswrap" re MTRC
RTHK, 8-May-2014
Govt: we were unaware of Lee Chack Fan's directorshipWebb-site Who's Who
HK Government, 2-May-2014
They should have checked Webb-site Who's Who! He has been a director of the contractor's parent company (renamed Louis XIII Holdings Ltd in 2013) since 17-Jan-2005. He is also a director of the 51% BVI subsidiary (which assumed its parent's name after the partial spin-off).
LegCo question on railway property developments
HK Government, 30-Apr-2014
Transcript of remarks by Anthony Cheung Bing-leung, Secretary for Transport
HK Government, 15-Apr-2014
"I have to say I was totally caught by surprise by such information...".
Alibaba's spotlight on HK regulation
10 years after the Expert Group report, Alibaba's requests spotlight the unresolved conflict of interests of HKEx between profit and regulation, creating an opportunity for Government to put this back on the agenda. They should now follow through, strip HKEx of its regulatory role, create a Listings and Takeovers Authority under the SFC, and remove the special provisions of HKEx's own constitution which make it a Government-controlled company. (18-Sep-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)
LegCo Question: will Siu Sai Wan get an MTR station?
HK Government, 7-Nov-2012
Government re-appoints MTRC chairman, extending term to 12.5 years
HK Government, 29-Oct-2012
Whatever happened to the 6-year rule for Government appointments? Before becoming Chairman in 2003, Mr Ch'ien was an "independent" director since 1998, elected by Government as majority shareholder. Then there is Allan Zeman Chairing Ocean Park (now in an 11-year term), and Anthony Wu Chairing the Hospital Authority (now in a 9-year term, and having been on the board since 1999).
Views sought on MTRCL Fare Adjustment Mechanism review
HK Government, 17-Sep-2012
LegCo question on MTRC property projects
HK Government, 25-Apr-2012
Government's shareholding in MTRC
HK Government, 8-Dec-2010
MTR Operations Director to retire
Company announcement, 21-Jun-2010
MTR Director's Dodgy Degree (updated)
Choo-choo! From yesterday's story on Barrington University, we move down the track to unaccredited Kensington University, expelled from California and shut down by Hawaii, from which the MTR Operations Director has a degree in engineering. He is also an adjunct professor at a HK university! (27-Apr-2010)
Cooked auctions in HK
A Court of Appeal judgment overturns fraud convictions for bid-rigging for cooked food stalls at Tai Po Hui Market and makes clear that bid-rigging is perfectly legal. We call for the proposed competition law to make bid-rigging, price-fixing and other anti-competitive behaviour criminal offences. Civil tribunals won't cut it, not least because they cannot fine humans. In the meantime, the Government should include no-rigging warranties as a requirement for all tenders, so that they can prosecute for fraud. (8-Apr-2010)
Webb on "Backchat" re West Kowloon-Futian express rail link
RTHK, 17-Sep-2009
Former legal manager of MTRC charged for misconduct over consultancy services
ICAC, 3-Mar-2008
MTRC EGM video (Q&A starts at 19:00)
Company, 9-Oct-2007
MTR Exit
The Government's push to get the MTRC deal approved provided a 35% premium to the share price, or a HK$37bn gain in market value since the circular was posted. If they had offered to buy out the minorities at the current $25.60 price, we would have recommended acceptance. Most of the institutional investors have voted with their feet and sold out, leaving a low 25% voting turn-out at today's EGM. (9-Oct-2007)
MTRC: Time to Vote
We analyse the MTRC circular on the so-called "Rail Merger". We reaffirm our advice to independent shareholders to vote AGAINST the transaction. VOTE NOW - and don't assume that others will stop the deal for you. The Government will spare no effort trying to push this through. (11-Sep-2007)
Minister supported MTRC fare autonomy
The new Secretary for Financial Services and the Treasury, and hence a director of MTRC, Professor K.C. Chan, has stated his support for fare autonomy, something worth billions of dollars to MTRC shareholders, which the Government is now trying to take away for no payment in return. (31-Aug-2007)
MTRC AGM Video, Q&A starts at 36:30
Company, 7-Jun-2007
Webb on "Backchat" re MTR/KCR
RTHK, 18-May-2007
Government digs MTRC hole
The Government has just given MTRC independent shareholders another reason to veto the KCR deal by proposing an extension of the fare freeze which would permanently wipe about 3% off future profit margins and HK$4.5bn off the value of MTRC. (17-May-2007)
Webb on "Backchat" re MTR/KCR
RTHK, 19-Apr-2007
Submission to the Legislative Council Committee on Rail Merger Bill
In response to an invitation from the Legislative Council Bills Committee, editor David Webb urges the Government to stop wasting scarce legislative resources and rethink the rail merger proposal and its transport policy in general. If the proposal is not amended, we will lead a campaign for 300,000 minority shareholders to protect value by voting it down. (25-Sep-2006)
Webb on "Backchat" re PCCW, MTR/KCR and Open Forum
RTHK, 27-Jun-2006
Going Off the Rails
The proposed "merger" of MTR and KCR railways is in danger of derailment. It removes revenue upside from a potential market-based reform of transport policy and ensures a reducing profit margin, at a speed which depends on the future rate of inflation. This will not be acceptable to minority shareholders. The flaws result from the Government's socialist transport policy which means that there simply isn't enough revenue to go around. If that is the long-term transport plan, then they should just admit it and buy out MTRC minority shareholders. (11-Jun-2006)
MTRC AGM video
Company, 8-Jun-2006
Developers face critical shortage
In a startling development which is likely to have far-reaching implications for real estate development in Hong Kong, has learned that the developer cartel has run out of a key commodity, without which, projects may no longer be marketable. (25-Feb-2005)
MTRC (0066): wholesale waiver of connected transaction Rules
Company announcement, 12-Jan-2005
Because it "has been a public sector transport provider". Its past status is irrelevant - it is now a listed company and hence in the private sector, and minority shareholders should have the usual rights to approve connected transactions under the Listing Rules.
State Securities Above the Law
In another exclusive, five years after the market intervention, an investor with over HK$87bn of stocks has claimed exemption from the new law which protect investors in Hong Kong, which includes disclosure, insider dealing and market manipulation. The Government claim comes from a written response to questions we raised at the MTRC AGM. We look at the implications. (8-Jun-2003)
AGM Results
MTRC Voting Recommendations
The 12th AGM in Project Poll is on 15-May-03 and could involve 440,000 shareholders, hopefully not all in person. We urge shareowners to vote against the general issue mandate. (5-May-2003)
Project Agreement on MTR Penny's Bay Rail Link
HK Government, 24-Jul-2002
CCASS and the eIPO
With all the recent attention on the "eIPO" process in Hong Kong's MTRC offer, you might think we are on our way to a paperless market. Hong Kong's clearing monopoly, HKSCC, still has a long way to go, as explains in the first of two articles. (2-Nov-2000)
You're no Boss
"Hello Boss" was the theme of the ad campaign for the MTRC IPO. finds that far from making you the boss, this company has massive waivers from normal corporate governance rules on disclosure and connected transactions. You might as well hold non-voting shares in a blind trust. (8-Oct-2000)
Rail Shuttle to Hong Kong Disneyland gazetted
HK Government, 21-Jul-2000

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