Wednesday 22nd January 2014

Dear Reader,

For those of you in HK, or listening online, David Webb will be on Backchat on RTHK Radio 3 on Thursday morning discussing tax reform and the forthcoming budget. Here's our shadow budget speech for last year - which would be largely unchanged. So call in, e-mail or do the Facebook thing. Now for a continuing story...

NEW ARTICLE
Glorious update
A response from HKSCC indicates that Glorious Property (0845) has some explaining to do: the Grand Court did indeed want to see the CCASS Participant figures. We also show that the 61 registered holders who voted against could not have held more than 0.89% of the shares which voted, and HKSCCN held at least 99.11%. The Grand Court should decide whether the scheme proceeds. (22-Jan-2014)

RECENTLY ON WEBB-SITE
Solving the MPF-LSP offset problem
We explain the historical context of the Long Service Payment and the offset arrangement against employer's Mandatory Provident Fund contributions, which is now an impediment to full portability, efficiency and lower costs in the MPF system. We provide a solution to this problem which, while not cost-free to employers, is better than the political alternatives, so they had better support it. (21-Jan-2014)

Glorious failure in the Cayman Islands
We look at the curious circumstances behind the failed privatisation of Glorious Property (0845) and call on the Cayman Islands and Bermuda, where 75% of HK-listed companies are incorporated, to follow HK in abolishing the headcount test. (19-Jan-2014)

Does gender diversity add value to HK boards?
We present empirical evidence, using the Webb-site Total Returns series on all stocks and Webb-site Who's Who for all boards in HK over the last 10 years to 2013. (17-Jan-2014)

IN OTHER NEWS
Ambulancemen & Chinese Medicine Practitioners charged for alleged fraud
ICAC, 22-Jan-2014

HKICPA disciplines Joseph Wong Cho Lim
HKICPA, 22-Jan-2014

And much more besides...
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