Thursday 26th July 2007

Dear Reader,

It's hard to believe it, but as recently as 5 weeks ago, at least one broker had a valuation of $9.01 on Egana...

Egana and Upbest (26-Jul-07)
Following this week's charges by the ICAC against certain directors of Upbest (0335), looks at the connections between EganaGoldpfeil (0048) and Upbest, and we don't like what we see. There's a mixture of out-and-back profit-generating transactions, innovative accounting policies, investments in closed-end funds, interest-free "deposits", rolling promissory notes and yes, an aborted gas transaction in the PRC. Are we looking at the next Moulin here?

HK Government intervenes in journalism (14-Jul-07)

Was overseas coverage of HK's Handover anniversary too much and too positive? exposes the Hong Kong Government's junket journalism programme, spending taxpayers' money flying journalists here, putting them up in 5-star hotels, and biasing the coverage of HK affairs. (14-Jul-07)

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David M Webb