Thursday 16th April 2015

Dear Reader,

HK is Partying like it's 1997 - and we all know how that ended, don't we?

Putting the FRC in Farcical
In a shocking failure to recognise a basic and obvious accounting and auditing error, HK's Financial Reporting Council rejected our complaint. The listed company involved has now admitted the error. We call on the FRC's Process Review Panel to investigate how it deals with complaints. (16-Apr-2015)

Lee Kuan Yew arrives in Liverpool, 1946
Singapore was then a British colony, but the entry records record him as both a citizen of China and British. Also on the same ship were future leading figures in HK. (30-Mar-2015)

Tai Po DC member Lo Sou-chour jailed for HK$500k false claims
ICAC, 14-Apr-2015
He is bailed pending appeal.

Concentration warning in King Force Security (8315)
SFC, 13-Apr-2015
Placed at $0.385 last August, now trading at $9.00. What could possibly go wrong?

HK Institute of Biotechnology Ltd, financial statements, 30-Jun-2014
Company filing, 11-Apr-2015
Still receiving grants from "government agencies and third parties", sitting on free Government land (via CUHK) and in buildings paid for by gamblers via the HKJC, this body has piles of investments including listed stocks, cash and bonds, as well as a web site where you won't find these statements.

Synergis (2340) MD arrested and bailed by ICAC
Company announcement, 10-Apr-2015

China Jinhai (0139) lends HK$100m to Freeman Corp Ltd
Company announcement, 10-Apr-2015
Both companies are in the "Chung Nam Network".

Hatton Garden Beats Jewel Bandits - Pathe News, 1949
YouTube, 10-Apr-2015
What could possibly go wrong?

HKICPA bans Paul Yeung Chai On for 6 months for evasion of debt
HKICPA, 10-Apr-2015

Prosperity (0803) to pay HK$100m for 10% of Hao Tian Finance Co Ltd. Hao Tian announcement
Company announcement, 9-Apr-2015
Prosperity may be about to enter what we call the "Chung Nam Network", of which Hao Tian (0474) is a member.

Lorea Solabarrieta Cheung: bankruptcy petition from David Chor Ki Kwong over costs orders.
HK Court of First Instance, 9-Apr-2015
As the debtor appeared in person at the hearing, the obvious question is whether she was then served with the petition.

SFC v Ivy Chan Shui Sheung
HK Court of First Instance, 9-Apr-2015
The ongoing case relates to PME (0379).

Concentration warning in Huazhang Technology (1673)
SFC, 8-Apr-2015

DBS Bank (HK) Ltd v Sit Pan Jit
HK Court of First Instance, 2-Apr-2015
DBS Bank wins its claim; Mr Sit's counterclaim for mis-selling Equity-Linked Notes fails.

SFC fines Merrill Lynch Far East Ltd HK$2m for futures position limit breach
SFC, 1-Apr-2015

China National Culture (0745): our CEO quit 10 months ago...
...but we didn't think it mattered enough to tell you. His contribution was valuable. Well, not that valuable. And no, this is not an April Fool's joke.

Woman charged with bribing public servants over niche application
ICAC, 31-Mar-2015

PECS Register monthly update
HK Government, 31-Mar-2015

District Court trial starts 2-Nov-2015 for unlicensed dealing prosecution
SFC, 31-Mar-2015

Webb reappointed as a Deputy Chairman of the Takeovers Panel
SFC, 31-Mar-2015

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!

Copyright notice
This e-mail and small extracts of any article on the site may be freely quoted in any other publication but ONLY if attribution is given to