Friday 18th September 2015
Dear Reader,
If you haven't checked Webb-site recently (and who doesn't?), here's what we've been up to.
NEW ARTICLE
You are
silly, Yuhua
Yuhua Energy (2728) proposes a 2 for 1 bonus issue and a 4.5-fold board
lot increase that it wrongly claims will reduce the market value per board lot
and thereby enhance trading liquidity. In fact it does the
opposite. (17-Sep-2015)
RECENTLY ON WEBB-SITE
Cheng
& Cheng's EPS snafu
The HKICPA sanctions the audit firm and its director, but fails to
disclose the listed company involved. We'll tell you who it was. (1-Sep-2015)
IN OTHER NEWS
Ex-Convoy
and GET brokers jailed for insurance commission fraud
ICAC, 16-Sep-2015
Mr Fan was also a
Responsible Officer of Convoy Asset Management Ltd until 5-Nov-2012.
Kwan Kwok Ki v Tang Shing Bor
HK Court of First
Instance, 14-Sep-2015
Mr Kwan claims an oral agreement to share the
profits on a building at 297 Jaffe Road, the King's Hotel. Defendant Tang Shing
Bor recently took control of ETS Group (8031).
Alex So
Yin Wai fined HK$20k by HKICPA
HKICPA,
8-Sep-2015
For turning a blind eye to a HK$3.7m bounced check
deposited on the year-end date of Crowning Engineering Ltd, an "Approved
Contractor" under the HK Public Works Department. This helped dress up its
working capital when applying for renewal. Mr So is an INED of Green Energy
Group (0979). So far (16-Sep), that company has failed to announce the sanction
as required by Listing Rule 13.51(2)(h), or why he should continue to chair its
audit committee. His fee there last year was HK$120k, or 6 times the pathetic
penalty meted out by the HKICPA.
Police
Sergeant gets 14 months for HK$130k bribery and fraud
ICAC, 7-Sep-2015
3
ex-United Asia Financed staff in court for alleged bribery over referral of loan
applicants and fraud
ICAC, 4-Sep-2015
The basic allegation is that a senior supervisor was secretly collecting a
cut of the commissions from junior telesales staff. In one case, the alleged
kickback was 2% of the loan amount, so you can imagine that the telesales staff
were getting more than that in commission.
GLD
Controller sentenced for HK$4.2m housing loan & allowances fraud
ICAC, 4-Sep-2015
This case is another
example of muddled thinking on civil service remuneration. Civil servants, like
anyone else, should be paid what their services are worth, and not an amount
based on whether or not they are renting a home or have a mortgage to pay. Mr
Leung's "crime" was to claim what someone in his position would have been paid
if he had actually rented the flat for the period he claimed.
Sami Said A Alangari v Hanson Cheah
HK Court of
First Instance, 4-Sep-2015
Nanyang (0212) appoints Zachary Kwan Wing Kwong as INED
Company announcement, 2-Sep-2015
Zachary
Kwan Wing Kwong worked for Shanghai Commercial Bank for 37 years until
retirement as a senior manager in 2013. Both the bank and Nanyang are controlled
by the Yung family, which has 3 generations on the Nanyang board.
HKICPA
fines Mr Lee Poh Yee HK$10k
HKICPA, 2-Sep-2015
In March 2014 the senior vice-president of Resorts World Sentosa was
also fined S$20k in Singapore for the offence.
And much more besides...
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