Sunday 22nd October 2017
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NEW ARTICLE
Questions
on Teamway (1239) and a bit of soccer
An HKEX decision last week led us to discover an inflated acquisition
that looks like a cash extraction exercise, possibly to cover an earlier outlay
of "earnest money". A sudden surge in profits of the acquired consultancy
coincides with a Chinese takeover of troubled soccer team A.C. Milan, or
Rossonori, which prints more red ink than black, and a deeply-subordinated loan
to its Chairman. (22-Oct-2017)
BEST OF THE REST
Ex-security
guard jailed for being in 1 Country, 2 Systems simultaneously
ICAC, 19-Oct-2017
Mr Yim Yiu Chuen signed in
to work in HK and then went off to the mainland on 60 occasions during his
working hours. His successor Li Pak Ho is accused of doing a similar thing. They
were supposed to be checking for unauthorised canines at public housing estates.
Perhaps they went to see a man about a dog.
Ex-Funing
Property Management Ltd manager charged over festive flowers
ICAC, 18-Oct-2017
The old kumquat racket.
Have you ever wondered how those plants end up in your apartment lobby? Mr Wong
Kin Wah allegedly faked documents to supply Chinese New Year flowers to Wylie
Court, Ho Man Tin for HK$25k.
Fung Chuen v Sandmartin (0482)
HK Court of
First Instance, 17-Oct-2017
The court grants inspection of documents
relating to dubious deals by Sandmartin. Deputy Judge Alex Lee writes "I am
satisfied that... a reasonable case for investigating whether the loans advanced
to the two Nepalese Debtors were a pretext by the Company’s directors for
siphoning off the Company’s funds to the detriment of its various stakeholders
including the minority shareholders".
'Enigma Network' crash spurs HK's largest financial raid | The
Enigma Network
Bloomberg, 13-Oct-2017
HKICPA
fines Mr Lee Ping Kai HK$30k
HKICPA, 9-Oct-2017
Filling the blanks: Mr Lee is/was a director of Pan-China (H.K.) CPA
Ltd, which did the audit of GT Group (0263) for 2014 and the interim review for
2015. HKICPA fails to name either of these. Webb-site filed a complaint against
the auditor with the Financial Reporting Council in Dec-2015.
And much more besides...
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