Saturday 4th July 2015
Dear Reader,
Here's why you haven't heard from us lately...
NEW ARTICLE
Webb to
defend HK media freedom in landmark appeal
In a
public hearing on 13-Jul-2015, Webb-site's founder, editor and publisher will
appeal against an Enforcement Notice issued by the Privacy Commissioner which,
if upheld, would have wide-ranging implications for freedom of speech and
publication in HK and access to media archives of HK-based
publishers. (4-Jul-2015)
RECENTLY ON WEBB-SITE
Bonus hogwash
The
Stock Exchange and SFC continue to allow companies to make false and misleading
statements about "bonus" issues of shares - we take a look at the latest
example. (11-Jun-2015)
IN OTHER NEWS
Takeovers
Panel sanctions Chow Yei Ching, Oscar Chow Vee Tsung & Joseph Leung Wing Kong
SFC, 2-Jul-2015
Duo
charged with HK$27m fraud, theft and money laundering
ICAC, 25-Jun-2015
This involves the solution
in which human organs are flushed and preserved pending transportation and
transplant. What a pickle. Who knew it was so expensive?
SFC
statement on SEHK's draft proposal on weighted voting rights
SFC, 25-Jun-2015
Hurray! This should kill
it, as all changes to Listing Rules must be approved by the SFC. The SFC board
"unanimously concluded that it does not support the draft proposal for primary
listings with WVR structures". Now Government should recognise the huge conflict
of interest in HKEx being a for-profit rule-maker and regulator. The Listing
Division should be transferred to the SFC and merged with its Corporate Finance
Division which oversees the Takeovers Code, as a Government-appointed Expert
Group recommended in 2003.
HKSAR v Theodore Cheng Chee Tock: dead man's appeal continues
HK Court of Final Appeal, 25-Jun-2015
Mr
Cheng died in December after leave to appeal to the CFA had been granted but
before the appeal could be heard. The CFA grants approval for his widow Leonora
Yung Chi Fung to carry on the appeal instead.
Shangri-la Hotel (Kowloon) Ltd v Appeal Tribunal (Buildings)
HK Court of First Instance, 24-Jun-2015
They
wanted to slap an extra 2 floors onto the Kowloon Shangri-la. The application
for judicial review is dismissed.
Trading
firm director charged with HK$1.3m bribery while Japanese listco director wanted
by ICAC
ICAC, 22-Jun-2015
Have you
seen Aruko Arakawa, ED of Japan-listed Kohnan Shoki Co Ltd, pictured on page 3?
If so, contact the ICAC.
HKSAR v Alexander Au Pak Cheung
HK Court of
First Instance, 22-Jun-2015
Mr Au's conviction is quashed, on a
successful challenge to the reliability of LiDAR speed guns due to possible
panning errors. The expert defence witness was probably Dr Michael Clark of the
UK. We note that at a distance of 131.7 metres as measured, if you are aiming at
a registration plate that is 30cm off the ground, a 0.13 degree shift is enough
to hit the ground instead. LiDAR doesn't actually measure speed - it measures
distance at time intervals, so if you pan the target then you can get a false
reading. Incidentally, Mr Au is also a racing driver in the Audi R8 LMS Cup.
Tam Mei Kam & others v HSBC International Trustee Ltd & others
HK Court of First Instance, 22-Jun-2015
Anita Mui's mum fails again.
Yorkey (2788): minority shareholders veto connected transactions
Company announcement, 18-Jun-2015
It wasn't
Waterloo or LegCo, but the Battle of Yorkey was a victory for investors despite
a ballot stuffed with uninstructed TDRs and the so-called Employees' Trust. Now
we hope the board's minds will be focussed on restructuring the balance sheet
and paying out the surplus cash. At the meeting, management once again claimed
great plans to invest in business expansion - but this was not disclosed in the
annual report and no such steps have been taken since the 2006 listing.
And much more besides...
Remember that, apart from our occasional
artisan articles, you can follow Webb-site Reports via RSS,
Twitter or
Facebook.
Pass it on!
This free newsletter goes to over 21,000 subscribers. If you enjoy the site, then please
invite a friend to find out
what they are missing and subscribe!