Monday 27th February 2012
Dear Reader,
There are now 3 official candidates in the Chief Executive race. With 749 participants in our poll, you currently think the probability of Henry Tang winning is 37.2%, C Y Leung 39.9%, Albert Ho 4.1% and Someone Else 20.4%. We would have put Albert Ho's chance at slightly lower than that of winning the Mark Six jackpot, but that is your choice. Remember, we want to know what you think their chances are, not whom you want to win.
Please update your bets as events unfold. Your PIN is above.
Henry is clearly unaware that many HK residents work for much of their lives to pay for an apartment one third the size of his basement, a payment which includes the land premium the developer cartel paid to the Government - and he paid no such premium for the basement, let alone rates.
As for Donald Tsang: we never thought of him as sleazy, until now. Would he please remember that if a seat on a private jet to Phuket cost the same as an economy seat on Dragonair, then we would all be flying on private jets. There is some significant advantage in that, and it is worth much more than he paid for it. The more obvious question is this: how did he end up consorting with such "friends" - would the tycoons have befriended him if he was just a pen-pushing junior civil servant, as he once was? What value does a tycoon place on the ability to bend the CE's ear for three nights on a yacht and several hours on a plane? Could he actually believe that they like him as a person rather than as CE? He'll find out soon enough.
NEW ARTICLE
Raking
muck, Part 2
Continuing our series, we look at a set of
over-priced acquisitions and questionable transactions by China Post e-Commerce
and others, building a matrix which demonstrates the close connections between
the persons involved. We call on the SFC to investigate. (27-Feb-2012)
RECENTLY
Raking muck, Part 1
In the first of a multi-part series, we delve into a transaction by the HK
offshoot of Xinhua, the PRC's official news agency, and the people behind
it. (21-Feb-2012)
IN OTHER NEWS
HKICPA disciplines Paul Chan Cheuk Chi.
Reasons
HKICPA, 24-Feb-2012
The
unnamed finance director (actually, manager) is Steve Lam Sing Keung and his
unnamed employer was PCCW Ltd (0008). The unnamed corporate practice of which
Paul Chan Cheuk Chi was a director is Baker Tilly Hong Kong Ltd. The bogus debit
note was to cover the cost of "employing" Lam's girlfriend so that she could get
a work visa in HK.
Duo charged
with fraud over acquisition of HK$500m plantation project by China Env Res
(1130)
ICAC, 23-Feb-2012
Mr Choy
Ping Fai is the husband of the current Chairman, Ms Kam Yuen. He is a
substantial shareholder. Lawrence Lo King Fat is a former Executive Director.
The Chairman in 2008 was Mr Tan Sim Chew.
Eric
Ng Kwok Wai, Fred Lui Chi Kit disciplined by HKICPA
Reasons
HKICPA, 23-Feb-2012
Both men
are or were directors of Eric Ng C.P.A. Ltd. This is the second time that Eric
Ng Kwok Wai has been disciplined in 2 years.
Cathay Pacific Airways Ltd v Flight attendants
HK Court of Final Appeal, 23-Feb-2012
Cathay is granted leave to
appeal to the highest court.
SFC v Tiger Asia Management LLC & others
HK
Court of Appeal, 23-Feb-2012
Winnie Lo Wai Yan v HKSAR
HK Court of Final
Appeal, 23-Feb-2012
The solicitor succeeds in her appeal and has her
conviction for breach of the law on champerty and maintenance quashed. Bokhary
says "nothing which I have said is meant to discourage consideration of
legislative reform of the law as to maintenance, champerty or matters relating
thereto." Ribeiro says: "I wish to raise for consideration the question whether
and to what extent criminal liability for maintenance should be retained in Hong
Kong... In England and Wales, criminal and tortious liability for both
maintenance and champerty were abolished by the Criminal Law Act 1967..."
Henry Tang
- the opera
RTHK, 19-Feb-2012
Hilarious stuff from Steve James.
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