Saturday 16th January 2016

Dear Reader,

What a busy week.

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)

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)

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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