Friday 21st January 2011 - Late Edition
Dear Reader,
NEW ARTICLES
Karce chairman
extracted hidden fee
According to a judgment
published today, when Karce (1159) sold a PCB business in 2008, the price was
actually US$4m, not US$3m as Karce announced, and US$1m went as a "consultancy
fee" to a company called Extract Group Ltd. And guess who owned Extract? We tell
you, and call on the SFC and SEHK to investigate. (21-Jan-2011)
HPH Trust is no loss to HK
Singapore has invested over
US$5bn in Hutchison's ports, so it is not surprising that HPH is listing there.
We look at the other incentives, and the governance concerns for the Business
Trust structure. We also ask why China Resources Enterprise (291) has not
disclosed the outcome of its profit-sharing after CRH flipped its port stakes to
HPH. (21-Jan-2011)
RECENT ARTICLES
Trouble and strife at
Applied Development
An encrypted Court of Appeal judgment
reveals a classic basket case of corporate governance problems at Applied
Development (0519) - a case study of what can go wrong with small, family-run
HK-listed companies. (18-Jan-2011)
Guangdong
Investment's unaccredited MBAs
The Guangdong window company is being
run by a board with not one but two MBAs from the same diploma mill. We'll tell
you who else among HK-listed companies claims a degree from International
East-West University. (18-Jan-2011)
ICBC rights issue - just practising?
We look at the hidden
cost of ICBC's mini-rights issue, which raised less than they paid out in last
year's dividend. Non-government shareholders could have avoided billions in tax
if the bank had just kept the profit instead - unless it plans to cut this
year's dividend as well. More likely, the rights issue was just a practise run
for something larger next time. (14-Jan-2011)
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