Friday 11th April 2014

Dear Reader,

Quat's degrees don't equate
Legislator "Dr" Elizabeth Quat has not one but three "degrees", including her doctorate, from a defunct degree mill once run out of a bungalow in Hilo, Hawaii. We also look into the characters behind it. (11-Apr-2014)

Wrong turn for REITs
Webb-site urges the SFC not to pollute the Real Estate Investment Trust market by allowing them to speculate in securities with unitholders' money. Surplus cash should be paid out to investors so that they can invest it themselves. That's what investors do. (2-Apr-2014)

What the UK should learn from Jardines
Jardine group is downgrading its UK Listing, lowering minority rights and governance standards. The controller can vote, sealing the deal for 4 companies, but minorities of Hongkong Land could save themselves from this fate. Once downgraded, full listing cancellation requires no vote. We make recommendations to London's FCA based on HK's successful 2002 reforms to avoid a Hobson's Choice of a low buyout offer or holding delisted shares. (27-Mar-2014)

China Fortune (8116) places 30m shares with Mr Ko Kin Hang
Company announcement, 10-Apr-2014
That's the second placing with the same person in 3 days and the third in 3 months.

HKSAR v Henry Ho Chung Yi & others
HK Magistrates' Courts, 9-Apr-2014
The lowdown on Henry's basement. All three defendants are acquitted. Henry Tang's wife Lisa Kuo has already pleaded guilty.

LCSD subcontractor charged with HK$12m shelters fraud
ICAC, 8-Apr-2014

China Railsmedia (0745) to pay HK$2bn for start-up with negative NAV.
Company announcement, 7-Apr-2014
The start-up has net liabilities of HK$68k. The vendor is a BVI company called i-Marker Global Corp and the owner(s) of this shell are not disclosed in this announcement. Back on 17-Jan-2013, China Railsmedia signed an MoU to buy i-Marker Global Corp - but apparently nothing came of it.

Duo Charged for alleged HK$365k bribery over trading in securities
ICAC, 7-Apr-2014
We note that Ms Ching Yim Har was suspended by the SFC for 3 years on 14-Aug-2013.

Cheung Hing v Wong Chor Cheung & others
HK Court of First Instance, 7-Apr-2014
"I am further satisfied that, once pierced, it is revealed that Best Century is a company within the 1st defendantís control and utilized by him to orchestrate a sham transaction".

SFC seeks court orders to compel disclosure by Qunxing Paperís chairman and vice-chairman
SFC, 4-Apr-2014
The SFC seeks to follow the paper trail regarding Qunxing's main PRC subsidiary.

Wong Wing Man v Wong Chung On & Ng Shoot Heung
HK District Court, 4-Apr-2014
A young woman wins an adverse possession claim on a property she occupied at 17 years of age, on which rent has not been collected since Dec-1998, so the 12 years are up and the registered owner loses the property. The flat is in a building which is or was a target of Richfield Realty Ltd, owned by Richfied Group (0183), for redevelopment.

Bruce James Stinson v Gu Ming Gao
HK Court of First Instance, 2-Apr-2014
An interesting glimpse into profitable computerised horse-race betting in HK.

And much more besides...
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