Tuesday 22nd January 2013

Dear Reader,

Happy new year! This newsletter is back from its winter hibernation, but we have been busy building the database in the meantime.

NEW ARTICLE
Veto Aeon Credit loan to parent
We urge Aeon Credit (0900) to withdraw its proposal to lend money to its parent, instead pay a special dividend of the funds which are clearly surplus to requirements. and to announce the consolidation of its greater China business and stop the parent competing with the child. If not withdrawn, then we urge independent shareholders to vote against, and to watch out for the timing of the notice period and vote before the Chinese New Year holidays. (22-Jan-2013)

IN OTHER NEWS
Caterpillar alleges multi-year accounting misconduct at main subsidiary of ERA Mining Machinery Ltd, a GEM company it bought and took private
Company media release, 18-Jan-2013
The accounts of the GEM company were audited by RSM Nelson Wheeler. The GEM company bought Siwei in 2009-10 in a reverse takeover. The reporting accountant on the acquisition was also RSM Nelson Wheeler. The former controlling shareholder was Mining Machinery Ltd, a private company owned by James Edward Thompson III and Emory Williams, the Chairman.

Fook Woo (0923): latest catalogue of irregularities
Company announcement, 17-Jan-2013

Webb on "Backchat" re policy address
RTHK, 17-Jan-2013
With Starry Lee (Executive Council, LegCo, DAB), Albert Ho (LegCo, DP) and Nick Brooke (Harbourfront Commission, Science and Technology Parks Corp).

HK reconsiders changes to corporate database
New York Times, 16-Jan-2013

HK journalists call for withdrawal of planned privacy law
Bloomberg, 10-Jan-2013

FCC letter of concern on a proposed change to the Companies Ordinance
Media release, 10-Jan-2013

HK Journalists Association strongly opposes withholding of directors data from public
Media release, 9-Jan-2013

HK proposes law making it harder to identify directors. Your ID number is not a password
Bloomberg, 8-Jan-2013
See our article of 8-Nov-2010 for comments from us, and the Law Society, on why the Government should not be obfuscating ID numbers.

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