Tuesday 12th November 2019
Judge takes aim at comments by Vice Premier
In continuing the injunction against doxxing with an exception for legitimate news activity, Justice Russell Coleman makes interesting comments on the role of the judiciary and the need for a political solution to the social unrest, which is beyond the scope of the courts. (11-Nov-2019)
Arrested tertiary students breaches 700 mark
HK Standard, 9-Nov-2019
Using these data and last year's enrolments from the UGC, Webb-site calculates that an average 0.35% (1 in 289) students have been arrested. HKBU tops the list at 0.80% while HKUST and EdUHK are tied at 0.11%.
Facilitating shareholder activism in Asia
Webb-site founder David Webb presented at the PNB Corporate Summit in Kuala Lumpur yesterday. In the opening address, Prime Minister Mahathir Mohamad declared that "Government has no business to be in business". That's encouraging, if it means that Malaysia will sell off Government-Linked Companies in a wave of public offers, harnessing market forces to boost growth and shared prosperity. (31-Oct-2019)
IN OTHER NEWS
SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years
Shocking dishonest behaviour in which they pocketed the difference between a limit order price and a better price obtained in the market for bonds and structured notes. UBS was also fined HK$375m in March for its duff IPO sponsorships.
MSCI puts bubble stock ArtGo (3313) into China index | Lose
Company announcement, 8-Nov-2019
Despite Webb-site's bubble warning on 15-Sep-2019, the SFC hasn't followed suit. The stock jumped 40% on Friday. Congratulations MSCI, you've just made it easier for active stock-pickers to outperform your mindless index by excluding ArtGo from their holdings - unless the SFC intervenes before the end of 26-Nov.
orders against ex-Chairman and EDs of Minth (0425)
For an undisclosed connected transaction in 2008 involving a BVI company and his nephew and niece, once again demonstrating how the Stock Exchange allows related parties to hide behind offshore companies whose ownership cannot be traced.
Ken Yiu Ka
Lun, ex-HKTV (1137) jailed for 2.5 months, fined HK$165k for insider dealing
Song Baojun for 1 year
He effected 4 unit trust trades in 2013 without a client's specific authorisation using incomplete pre-signed forms. We note that in 2014 he went on from HSBC to Dah Sing Bank for 9 months, and was later registered to Hang Seng Bank (an HSBC subsidiary) for just 10 days starting on Christmas Day 2015.
restriction notice to Hong Kong Wan Kiu Investment Co Ltd
OK now let's not make any childish jokes about the name. We'll have to wait for the SFC's investigation to come to a climax and hope that there is no manipulation involved.
Eminent businesswoman criticizes HK civil service
Global Times, 3-Nov-2019
Where would HK be without the great and unmatched wisdom of Annie Wu Suk Ching?
TVB (0511) v unknown defendants
HK Court of First Instance, 1-Nov-2019
For multiple reasons, Judge Mimmie Chan Mei Lan declines to grant an interim injunction against unknown persons attacking TVB's staff or property.
Central govt plans to 'improve' CE election system
Good. Start by replacing corporate voting with one vote per job, then reallocate the Election Committee sub-sector seats proportionate to registered voters. Voila - a democratic committee! All doable in HK law, no need for NPCSC approval. Do the same for LegCo Functional Constituencies. Or by "improve" do you mean "tighten control over"?
HKEX's Li apologizes after remarks on China and HK
To whom? He now says the design of One Country Two Systems is perfect, and it's only a problem of implementation. A bit like the Titanic then.
Court order bans online messages inciting violence
This is getting silly. It is already illegal under common law to incite a crime. The penalty is the same as the underlying crime itself. What is needed is an injunction against people applying for injunctions against crimes. This follows an application 3 days ago by TVB for an injunction against people attacking its staff or property, both of which are offences already.
China Medical & Healthcare (0383) and 6 directors to MMT, alleges late
disclosure of inside information
It took them nearly 6 months to reveal windfall gains on shares of a company which became Alibaba Pictures Group Ltd (1060). The SFC is pursuing the entire board at that time (2014), including 3 INEDs who have since left.
HKEX chief says China's lack of trust hurt HK experiment
Re Mark Taylor Simpson QC
HK Court of First Instance, 31-Oct-2019
The liquidators of China Forestry Holdings Co Ltd apply to admit a UK silk to help them sue KPMG, the auditor, for over HK$1.3bn. Acting Chief Judge Jeremy Poon rejects the proposition that Solicitor-Advocates, who now have rights of audience, are an acceptable alternative to junior barristers to assist the QC. The Bar Council sent 2 Senior Counsel and 2 juniors to oppose the application, while the Secretary for Justice supported it. The quasi-trade union wins. Mr Simpson must be assisted by local barristers.
musketry Sergeant Au Chi Wai charged with bribery, MIPO and deception
He allegedly conned 30 police trainees out of HK$250k. Perhaps the most shocking thing is that they are still teaching musketry.
And much more besides...
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David M. Webb