Thursday 24th April 2014
Dear Reader,
Time for some action!
NEW ARTICLE
Open letter to the
Board of C&T (0046) from investor David M Webb
(24-Apr-2014)
RECENT ARTICLES
Song Lin disappears
from ICAC site
Oh dear - the Chairman of the ICAC's Hong
Kong Ethics Development Advisory Committee is now under investigation for
alleged corruption - and the ICAC has wasted no time in removing him from its web site -
but Webb-site has copies. (19-Apr-2014)
Ombudsman discloses
more information
Following pressure from Webb-site, the
Ombudsman has today published a summary of the submissions received during its
investigations on Access to Information and keeping public archives. The
submissions show strong support for legislation. Meanwhile, the wheels at the
Law Reform Commission are slowly turning and covering similar
ground. (17-Apr-2014)
Give public access to ALPs
We need your help! The SFC is
proposing to ban retail investors from accessing Alternative Liquidity
Providers, which could provide faster and better execution than just placing the
order with SEHK. Webb-site urges the SFC to give the public the same options
that institutional investors enjoy. They almost did with HSBC's ill-fated
Stockmax. We also urge the Government to abolish SEHK's statutory monopoly and
allow competition to drive down fees and innovate. (15-Apr-2014)
IN OTHER NEWS
HKEx (0388) and China Minsheng Bank (1988) sign MOU.
Listing Rules Chapter 38
Company media release,
23-Apr-2014
Comment: now that HKEx is in business with Minsheng Bank
(1988), it should stop being the listing regulator of that company and the SFC
should take over, under the conflict of interest provisions of Listing Rule
38.16. The SFC is already the listing regulator of HKEx.
SFC fines
RBS HK$6m for internal control failings
SFC,
22-Apr-2014
Concentration warning in Eagle Legend Asia (0936)
SFC, 22-Apr-2014
Virtue Union Co Ltd v Soo Moon Kuen & Daphne So Wong Tak Hing
HK Court of First Instance, 22-Apr-2014
The
case concerns the HK$120m sale of 16C Shan Kwong Rd, Happy Valley, an old
4-storey block built in 1953, owned by the same family since 1960 and surrounded
by skyscrapers. An orphan lot (one that got left behind), it will presumably be
redeveloped into a tall, thin pencil building.
And much more besides...
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