Thursday 18th December 2014
Remember that, apart from our occasional newsletters, you can follow the latest Webb-site Reports via RSS, Twitter or Facebook. And now, in celebration of tomorrow's 30th anniversary of the signing of the Joint Declaration:
Government changes Basic Law facts
In a Webb-site exclusive, we reveal that the HK Government has revised its own fact sheets on the Basic Law with politically sensitive consequences. (18-Dec-2014)
An aerial tour
of HK's monopolies and anti-competitive practices
The slides from a presentation by Webb-site founder David Webb to the Asian Competition Forum at Polytechnic University this morning. When you get to slide 30, click the box to launch the online video. (9-Dec-2014)
RECENTLY ON WEBB-SITE
Moving on from Occupy to the Central Issue
The protesters have overstayed their welcome in Admiralty. They should withdraw and set a new deadline for C Y Leung to do the right thing: send a new report to the NPCSC, recommending restoring the nomination threshold to 12.5% from 50%. That would achieve free and fair elections without civic nomination. After all, only 305 members of the 1200-member committee nominated him in 2012. A New Year's Day march should celebrate or protest his choice. Sign the petition! (7-Dec-2014)
The right to remember: keeping public data public
The slides from a speech by Webb-site founder David Webb to the AGM of the Hong Kong Library Assocation tonight. (5-Dec-2014)
Sasa Mus, ex-Happy Valley AA, gets 12 months for match-fixing
Chan Ping Che v Gunter Gao
HK Court of Appeal, 15-Dec-2014
The Court of Appeal grants a stay of the judgment below, allowing Mr Gao to defend the case of the $270m bounced cheques if he pays HK$30m into court within 14 days. "it seems to us that absent a stay, it would be open to the plaintiff to seek to enforce it and that this would have serious consequences for the defendant, including possible bankruptcy". Mr Gao is a member of the CPPCC National Committee and the HKSAR Election Committee.
Aviation Fuel Supply Co v Inland Revenue
HK Court of Final Appeal, 15-Dec-2014
The Inland Revenue loses its appeal.
Joseph Lau to buy property shell from Chinese Estates (0127), avoiding HK$669.8m
Double Stamp Duty
Company announcement, 12-Dec-2014
The property is valued at HK$7.88bn, but he is buying the BVI company that owns it. This avoids 8.5% Double Stamp Duty, an interventionist Government tool which many can legally avoid, unless they need to buy bare property without a corporate wrapper.
Asia Energy Logistics (0351) plans toxic convertibles
Company announcement, 12-Dec-2014
The subscriber would convert at 80% of the lowest 3-day average in a 45-day window prior to its chosen conversion date, as long as the resulting conversion price exceeds $0.01. This type of convertible is also known as a "death spiral convertible" because the number of shares increases as the share price falls, and the expected dilution can cause it to fall further.
SFC bans Lee
Wai Keung, ex-Glory Sky Global Markets, for 12 months
He traded through his sister-in-law's account for 6 years.
Dick Ma Tor Fuk, ex-ICBC, for 8 months over Powerlong (1238) IPO
This follows a HK$25m fine on ICBC International in May-2014.
"Backchat" re next steps for Umbrella Movement
Dr Chan Po Sum v Medical Council of HK
HK Court of Appeal, 9-Dec-2014
Dr Chan loses his appeal. The MCHK found him guilty of professional misconduct. He was suspended for 1 month.
Re David Gerard Goldberg QC
HK Court of First Instance, 9-Dec-2014
The Bar Association succeeds in preventing Mr Koo Ming Kown and Mr Tadao Murakami from using an overseas senior barrister at the Inland Revenue Board of Review.
Chairman of Jade Plaza gets 18 months for pocketing HK$390k
Shine Grace Investment Ltd. V Citibank N.A. & Hailey Amy Mak Seen-kwan
HK Court of First Instance, 5-Dec-2014
An accumulator case rumbles on.
And much more besides...
Remember that, apart from our occasional artisan articles, you can follow Webb-site Reports via RSS, Twitter or Facebook.
Pass it on!
This free newsletter goes to over 21,000 subscribers. If you enjoy the site, then please invite a friend to find out what they are missing and subscribe!