PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED
PCPD details Cyberport dispute with government
Company announcement, 23-May-2010
Comment: readers will recall we criticised this interventionist property project, announced by Donald Tsang in his 1999 budget and awarded to Richard Li without tender. Now it turns out that they left a loophole in the definition of "deficit" in the agreements - PCPD says it excludes depreciation, while the Government says it doesn't. The difference: about HK$1.2bn of taxpayer's money.
Company announcement, 23-May-2010
Comment: readers will recall we criticised this interventionist property project, announced by Donald Tsang in his 1999 budget and awarded to Richard Li without tender. Now it turns out that they left a loophole in the definition of "deficit" in the agreements - PCPD says it excludes depreciation, while the Government says it doesn't. The difference: about HK$1.2bn of taxpayer's money.
Skynet Loss
Skynet (International Group) Holdings (SIGH), once unknown for its marbles, has been an internet play since 1999. Webb-site.com shows you how MAE Holdings ended up paying $35.75m for 0.006% of Skynet Ltd, a subsidiary of SIGH, after being diluted beyond its wildest dreams in circumstances only now revealed. We also spotlight the not-unrelated HKSky-e and show how it parlayed dotcoms with Asia Tele-Net and MAE, ultimately making its owner the largest shareholder and Chairman of MAE. (5-Feb-2001)
Skynet (International Group) Holdings (SIGH), once unknown for its marbles, has been an internet play since 1999. Webb-site.com shows you how MAE Holdings ended up paying $35.75m for 0.006% of Skynet Ltd, a subsidiary of SIGH, after being diluted beyond its wildest dreams in circumstances only now revealed. We also spotlight the not-unrelated HKSky-e and show how it parlayed dotcoms with Asia Tele-Net and MAE, ultimately making its owner the largest shareholder and Chairman of MAE. (5-Feb-2001)
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