Secretary for Justice to visit democracy, promote HK as “dispute resolution” hub

Secretary for Justice to visit democracy, promote HK as “dispute resolution” hub https://ift.tt/eA8V8J Yes, really. We’re so good at resolving our own problems that we want to solve other people’s. Teresa Cheng will speak on “The Search for Order within Chaos in the Evolution of ISDS” – which presumably stands for “I’m Such a Disastrous […]

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years https://ift.tt/eA8V8J 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. Source: […]

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years https://ift.tt/eA8V8J 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. Source: […]

Court makes orders against ex-Chairman and Eds of Minth (0425)

Court makes orders against ex-Chairman and Eds of Minth (0425) https://ift.tt/eA8V8J 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. Source: SFC | Source date: 7-Nov-2019 18:36 Sourcing […]

MSCI puts bubble stock Artgo (3313) into China index

MSCI puts bubble stock Artgo (3313) into China index https://ift.tt/eA8V8J 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 […]

SFC fines China Rise Securities Asset Management HK$6.3m for regulatory breaches and internal control failures

SFC fines China Rise Securities Asset Management HK$6.3m for regulatory breaches and internal control failures https://ift.tt/eA8V8J Source: SFC | Source date: 31-Oct-2019 17:00 Sourcing from David Webb. Further reading: https://ift.tt/34CI83O * * * * * https://ift.tt/2OsIfMt

SFC takes China Medical & Healthcare (0383) and 6 directors to MMT, alleges late disclosure of inside information

SFC takes China Medical & Healthcare (0383) and 6 directors to MMT, alleges late disclosure of inside information https://ift.tt/eA8V8J 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 […]

SFC issues restriction notice to Hong Kong Wan Kiu Investment Co Ltd

SFC issues restriction notice to Hong Kong Wan Kiu Investment Co Ltd https://ift.tt/eA8V8J 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. Source: SFC | Source date: 5-Nov-2019 16:20 Sourcing from David […]

Central govt plans to ‘improve’ CE election system

Central govt plans to ‘improve’ CE election system https://ift.tt/eA8V8J 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 […]

Facilitating shareholder activism in Asia

Facilitating shareholder activism in Asia https://ift.tt/eA8V8J 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 […]

Drill & musketry Sergeant Au Chi Wai charged with bribery, MIPO and deception

Drill & musketry Sergeant Au Chi Wai charged with bribery, MIPO and deception https://ift.tt/eA8V8J He allegedly conned 30 police trainees out of HK$250k. Perhaps the most shocking thing is that they are still teaching musketry. Source: ICAC | Source date: 25-Oct-2019 23:59 Sourcing from David Webb. Further reading: https://ift.tt/2qNTB25 * * * * * https://ift.tt/2OsIfMt

Letter from Rocky Tuan Sung Chi, Vice-Chancellor of CUHK

Letter from Rocky Tuan Sung Chi, Vice-Chancellor of CUHK https://ift.tt/eA8V8J We note that Anthony Neoh, Chairman of the Independent Police Complaints Council, is also the Treasurer of the Council of CUHK. Source: Company web site | Source date: 18-Oct-2019 00:00 Sourcing from David Webb. Further reading: https://ift.tt/33V1JMm * * * * * https://ift.tt/2OsIfMt

Junior Police Officers’ Association v EAC

Junior Police Officers’ Association v EAC https://ift.tt/eA8V8J An interim injunction preventing public inspection of names linked to their addresses in the Electoral Register is granted. Validly nominated electoral candidates will still be entitled to the details on their electors. Source: HK Court of Appeal | Source date: 22-Oct-2019 20:20 Sourcing from David Webb. Further reading: […]

Empress Carrie Lam off to Naruhito’s enthronement

Empress Carrie Lam off to Naruhito’s enthronement https://ift.tt/eA8V8J Under Basic law Article 13, foreign affairs are a matter for the Chinese Government. Still, with the recent Emergency Regulations she has been behaving somewhat like an absolute ruler. Source: HK Government | Source date: 20-Oct-2019 17:00 Sourcing from David Webb. Further reading: https://ift.tt/31qWeU4 * * * […]

Dymocks Franchise Systems (China) Ltd v Norton Rose Fulbright HK

Dymocks Franchise Systems (China) Ltd v Norton Rose Fulbright HK https://ift.tt/eA8V8J The plaintiff wins HK$4.4m in damages for failure by the law firm to advise it about the consequences of the Transfer of Business (Protection of Creditors) Ordinance which left it liable when it stepped in to take over a failing Dymocks franchise at IFC […]

Caterers need help in lean times: Tommy Cheung

Caterers need help in lean times: Tommy Cheung https://ift.tt/eA8V8J The Catering Legislator and ExCo member supported proceeding with the Extradition Bill after the 9-Jun-2019 mass rally, triggering 4 months of chaos and now wants his sector compensated for loss of business. He has disserved them and should resign. Scrap corporate voting and democratise his constituency […]

Govt proposes to scrap home address disclosure for DC candidates

Govt proposes to scrap home address disclosure for DC candidates https://ift.tt/eA8V8J There’s no need to know the exact address, but voters have a right to know whether the candidate lives in their constituency or District or neither, as many DC’s don’t. So at least disclose that. We should also know exactly who is running. Without […]

Govt proposes to scrap home address disclosure for DC candidates

Govt proposes to scrap home address disclosure for DC candidates https://ift.tt/eA8V8J There’s no need to know the exact address, but voters have a right to know whether the candidate lives in their constituency or District or neither, as many DC’s don’t. So at least disclose that. We should also know exactly who is running. Without […]

Govt proposes to scrap home address disclosure for DC candidates

Govt proposes to scrap home address disclosure for DC candidates https://ift.tt/eA8V8J There’s no need to know the exact address, but voters have a right to know whether the candidate lives in their constituency or District or neither, as many DC’s don’t. So at least disclose that. We should also know exactly who is running. Without […]

SFC obtains DQ orders against ex-EDs of Inno-Tech (8202)

SFC obtains DQ orders against ex-EDs of Inno-Tech (8202) https://ift.tt/eA8V8J For breaching their duties in hotel acquisitions, amongst transactions covered in our “Raking Muck, Part 4” article of 2012. Incidentally, the owner of the BVI vendor has still not been disclosed. Source: SFC | Source date: 4-Oct-2019 16:50 Sourcing from David Webb. Further reading: https://ift.tt/2OwDUGl […]

HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k

HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k https://ift.tt/eA8V8J Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the […]

HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k

HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k https://ift.tt/eA8V8J Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the […]

HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k

HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k https://ift.tt/eA8V8J Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the […]

Making laws via the ERO may be unconstitutional

Making laws via the ERO may be unconstitutional https://ift.tt/eA8V8J The Basic Law establishes a clear separation of powers between executive and legislative branches. A law that allows the Chief Executive to make laws appears unconstitutional. We expect a judicial review if she tries it. Even if she succeeds, draconian laws don’t address the root problem: […]

Making laws via the ERO may be unconstitutional

Making laws via the ERO may be unconstitutional https://ift.tt/eA8V8J The Basic Law establishes a clear separation of powers between executive and legislative branches. A law that allows the Chief Executive to make laws appears unconstitutional. We expect a judicial review if she tries it. Even if she succeeds, draconian laws don’t address the root problem: […]

HKICPA fines Vincent Ho Pak Tat, Eliza Yuen Suk Ching & HLM CPA Ltd HK$250k

HKICPA fines Vincent Ho Pak Tat, Eliza Yuen Suk Ching & HLM CPA Ltd HK$250k https://ift.tt/eA8V8J For bad work on the Mar-2015 audit of Chinese Energy (8009). The committee notes that Yuen and HLM have previous sanctions which indicate a “persistent failure to comply with professional standards”. Source: HKICPA | Source date: 30-Sep-2019 10:14 Sourcing […]

HKICPA fines Vincent Ho Pak Tat, Eliza Yuen Suk Ching & HLM CPA Ltd HK$250k

HKICPA fines Vincent Ho Pak Tat, Eliza Yuen Suk Ching & HLM CPA Ltd HK$250k https://ift.tt/eA8V8J For bad work on the Mar-2015 audit of Chinese Energy (8009). The committee notes that Yuen and HLM have previous sanctions which indicate a “persistent failure to comply with professional standards”. Source: HKICPA | Source date: 30-Sep-2019 10:14 Sourcing […]

HKICPA fines Peter Yip Hing Lam, Leung Ka Fai and their firm HK$340k

HKICPA fines Peter Yip Hing Lam, Leung Ka Fai and their firm HK$340k https://ift.tt/eA8V8J For auditing Mr Yip’s family’s company, Wah Loong Metals & Building Materials Ltd. Source: HKICPA | Source date: 19-Sep-2019 12:34 Sourcing from David Webb. Further reading: https://ift.tt/2Im72fv * * * * * https://ift.tt/2OsIfMt

HKICPA fines Peter Yip Hing Lam, Leung Ka Fai and their firm HK$340k

HKICPA fines Peter Yip Hing Lam, Leung Ka Fai and their firm HK$340k https://ift.tt/eA8V8J For auditing Mr Yip’s family’s company, Wah Loong Metals & Building Materials Ltd. Source: HKICPA | Source date: 19-Sep-2019 12:34 Sourcing from David Webb. Further reading: https://ift.tt/2Im72fv * * * * * https://ift.tt/2OsIfMt

Webb on the HK protests: ‘Hard crackdown likely’

Webb on the HK protests: ‘Hard crackdown likely’ https://ift.tt/eA8V8J Jump to 02:15 in the podcast. We again explain how to democratise the Functional Constituencies and the Chief Executive Election Committee seats by scrapping corporate voting, replacing tycoon votes with worker votes. This can be done by amending HK laws, without NPCSC approval. Without meaningful democratisation, […]

Webb on the HK protests: ‘Hard crackdown likely’

Webb on the HK protests: ‘Hard crackdown likely’ https://ift.tt/eA8V8J Jump to 02:15 in the podcast. We again explain how to democratise the Functional Constituencies and the Chief Executive Election Committee seats by scrapping corporate voting, replacing tycoon votes with worker votes. This can be done by amending HK laws, without NPCSC approval. Without meaningful democratisation, […]

Webb on the HK protests: ‘Hard crackdown likely’

Webb on the HK protests: ‘Hard crackdown likely’ https://ift.tt/eA8V8J Jump to 02:15 in the podcast. We again explain how to democratise the Functional Constituencies and the Chief Executive Election Committee seats by scrapping corporate voting, replacing tycoon votes with worker votes. This can be done by amending HK laws, without NPCSC approval. Without meaningful democratisation, […]

Listing Committee criticises Yashili (1230), but none of its directors, for repeated breach of Listing Rules

Listing Committee criticises Yashili (1230), but none of its directors, for repeated breach of Listing Rules https://ift.tt/eA8V8J This “settlement” requires some director-training but none of the “relevant directors” are named and it appears that the company, a legal entity, did this wrong all by itself. In our view, the directors got off too lightly. Source: […]

SFC freezes a corporate officer’s assets, seeks HK$252m compensation for Listco

SFC freezes a corporate officer’s assets, seeks HK$252m compensation for Listco https://ift.tt/eA8V8J The man has accounts worth HK$32.4m at KGI Asia Ltd as at 30-Jun-2019. The SFC plans to sue 6 officers of the unnamed listed company, including the man, for compensation for breach of duties to the Listco. Source: SFC | Source date: 27-Sep-2019 […]

Ventus Lau Wing Hong v Returning Officer for NT East and Gary Fan Kwok Wai

Ventus Lau Wing Hong v Returning Officer for NT East and Gary Fan Kwok Wai https://ift.tt/eA8V8J For the same reasons as in the case of Agnes Chow Ting, Mr Lau succeeds in his election petition. The Returning Officer didn’t give him a chance to be heard before disqualifying his candidacy. Unless successfully appealed, Neo-Democrat Gary […]