Monday, 7th August 2006
Dear Reader,
And another one bites the dust - the SFC today shut down a 3rd brokerage in 3 months - now will they make those Segregated Stock Accounts mandatory? How many other brokerages have "misappropriated" client stock from time to time and then replaced it without being spotted?
Now on to today's story:
NEW ARTICLE
OOIL: How NOT to Disclose (7-Aug-06)
Tung family shipping company Orient Overseas (0316) provides a textbook
example of how NOT to disclose price-sensitive information: by slipping it out
on your web site. If investors are to believe in a level playing field, then
OOIL should be held to account under the Listing Rules for this behaviour.
https://webb-site.com/articles/OOILslick.asp
RECENTLY ON WEBB-SITE.COM
Ocean Grand Shipwreck (31-Jul-06)
By popular request, we
give our comments on the Ocean Grand debacle. The warning signs of bad
governance or worse were there for years, but few picked up on them. We conduct
a detailed autopsy, and find plenty of material for regulators and police
investigators to get their teeth into. We also look at the characters involved
with the companies and what this says about the state of battle for shareholder
rights in HK.
https://webb-site.com/articles/oceangrand.asp
Trust, but Verify (21-Jul-06)
Webb-site.com proposes a solution to reduce the recurrent problem of
brokerage failures, while at the same time improving communications with
shareholders and retail investor participation in corporate governance, bringing
HK up to international standards.
https://webb-site.com/articles/trustbutverify.asp
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