Saturday 16th January 2016
Dear Reader,
What a busy week.
NEW ARTICLES
Leslie
Cheng, Burkes and Turks
It appears that the FRC and HKICPA, in its recent action against Leslie
Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed
companies are keeping him on board, 3 as chairman of their audit committees. And
then there's his doctorate... (16-Jan-2016)
Behold, the One Belt One Road bandwagon...
and the Maritime Silk Road bandwagon
Companies named or renamed to fit Xi's China Dream. (15-Jan-2016)
Submission to LegCo on XRL
Webb-site has today made the following submission to the Legislative
Council Finance Committee and its Public Works Subcommittee regarding the HK
section of the Express Rail Link to Shenzhen. (14-Jan-2016)
The
making of Shanghai Disneyland, 2010-2015
Enjoy our new video, best viewed in HD. (14-Jan-2016)
Sino
Land's 3 specious houses
Freudian slip from page 82 of the 2015 annual report. Dictionary:
specious (adjective): misleading in appearance, especially misleadingly
attractive. (13-Jan-2016)
RECENTLY ON WEBB-SITE
MTRC and
the new Kowloon-Canton railway
We call on Government to disclose what the revenue-sharing deal with
China Railway will be and to lease XRL directly to China Railway rather than
MTRC, leaving MTRC to run the HK network. The MTRC special dividend should be
unconditional and should be increased from $4.40 to $11 per share, slimming down
the obese balance sheet to a healthy weight. (12-Jan-2016)
Keeping
public data public: the right to remember
These are the slides of a presentation by David Webb to the Foreign
Correspondents' Club today. (12-Jan-2016)
IN OTHER NEWS
Court finds 2 solicitors engaged in insider dealing in AsiaSat and fraud or
deception.
SFC, 15-Jan-2016
This is a
landmark ruling because, if the SFC can go to court with a civil case for the
consequences of insider dealing, then this avoids the bottleneck of the Market
Misconduct Tribunal.
Court freezes
bank account of suspected boiler rooms
SFC,
15-Jan-2016
HKICPA
fines Michael Choi Man Chau and Chan Kin Wai HK$12k each, Pan-China (HK) CPA Ltd
HK$50k
HKICPA, 14-Jan-2016
Comment:
the fines do not serve as a deterrent given that the firm earned $1.09m in fees
from the listed company, China Daye Non-Ferrous (0661) in that year. Mr Choi is
also an INED of Oriental Watch (0398).
US PCAOB
bans PKF (HK), 2 partners and a manager for 3 years for failure to cooperate
US Public Company Accounting Oversight Board,
13-Jan-2016
One of the partners, Derek Wan Tak Shing, is also an INED
of Goldenmars Technology (8036) and Chairman of its audit committee.
SFC bans
asset manager Steven John Barrett for 10 months
SFC, 13-Jan-2016
His WhatsApp buddy Fabiano
Mascolo was suspended for 3 months in December.
HKICPA
bans Anthony Ho Lap Wing from practising for 1 year
HKICPA, 12-Jan-2016
And much more besides...
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