Wednesday 24th April 2019
Dear Reader,
Looks like we are making some progress!
NEW ARTICLE
HKMA, SFC
announce "serious concerns" about transactions by mainland bank, HK subsidiary
And we think we know who they mean. The facts all point to entities
featured in our network diagram last October. (24-Apr-2019)
RECENTLY IN WEBB-SITE REPORTS
SFC action
is too little, too late for minority shareholders of Luxey (8041)
The SFC seeks disqualification of 2 ex-directors, but fails to seek any recovery
of Luxey's HK$350m, 7-fold overpayment in an acquisition from an alleged nominee
of then Chairman Joseph Lau. We first documented this case and numerous other
suspicious transactions involving Luxey and other listed companies in a series
of articles in 2012. This is the only one to see any action, and it falls far
short of what is needed to provide a deterrent. (14-Apr-2019)
IN OTHER NEWS
Chunli Medical (1858) tries to justify taxed bonus issue
Company announcement, 23-Apr-2019
This follows a Webb-site complaint to HKEX on 21-Feb-2019. It is against
shareholders' interests to send them bonus shares when that triggers a tax on
the CNY1 par value of the new shares. The tax is deducted from a cash dividend,
costing H-share owners RMB0.1. For domestic owners it is RMB0.2, which, with tax
on the dividend, is more than the dividend, so they get no net dividend and owe
the company money which it now asks them to pay!
Patrick Wong Ka Yan v Nicole Cheung Ka Yu (fka Cheung Lee Hung)
HK Court of First Instance, 23-Apr-2019
Man
v ex-mistress, whom he met when she was a masseuse. He wants back the Wanchai
flat he gave/lent her which was "near to his office in order to facilitate his
visits to her". She claims her son is his. In separate proceedings, he is
contesting the jurisdiction of the court to compel him to take a DNA test.
Wu Yinong resigns as INED of Jiu Rong (2358) following his SFC sanction
Company announcement, 17-Apr-2019
This comes
3 days after Webb-site complained to HKEX that the company had failed to
announce that Mr Wu had been sanctioned by the SFC for his due diligence
failures while sponsoring an IPO at China Merchants Securities. The sanction was
announced by the SFC on 27-Feb-2019, 7 weeks before. The question is, why do we
have to point these things out to HKEX?
Mainlander
charged with offering bribe to HSBC staff to open account
ICAC, 15-Apr-2019
One Country, Two Systems.
Deloitte
and 3 partners fined over 2010-2013 audits of China Vision Media (1060, now
Alibaba Pictures)
HKICPA, 15-Apr-2019
And much more besides...
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David M. Webb
Editor, Webb-site.com