Monday 15th May 2017
Dear Reader,
We emerge from hibernation to bring you this:
NEW ARTICLE
The Enigma
Network: 50 stocks not to own
Sometimes, all you need to tell a story is a picture. (15-May-2017)
IN OTHER NEWS
Trio in
court for bribery and disclosing identity of persons under ICAC probe
ICAC, 12-May-2017
Leung Siu Lun, a former
vice president of HSBC at its Mong Kok business centre, is accused of taking
bribes for credit facilities, including 3 nights in Macau, 1 in Guangzhou, a TV
games console, a cash gift and a coffee machine together worth HK$15k.
Duo guilty
of HK$3.6m Harrow donations fraud and laundering crime proceeds
ICAC, 11-May-2017
Takeovers
Panel’s ruling on TVB (0511) whitewash waiver and disclosure of shareholding
structure
SFC, 10-May-2017
SFC fines
Promising Securities HK$3.5m
SFC, 10-May-2017
An unlicensed person was performing both sales and settlement, giving
her the opportunity to misappropriate HK$8m of client assets. She was only
licensed to deal for 6 months from 21-May-2009 to 22-Dec-2009. Webb-site Who's
Who shows that person must be Chan Bun Yu. Promising "has taken steps to" return
the misappropriated assets to all affected clients. No word on whether they have
finished doing so, but it looks promising.
Cout of
Appeal dismisses SFC's appeal against MMT decision
SFC, 28-Apr-2017
It's the SFC's 2nd loss in
a month, following the CITIC case at the MMT. The MMT cases involved the same
judge. The appeal centres on the meaning of "using" inside information, and
whether withholding of the information was a "use" which had contributed to the
artificially high price. In our view, that misses the point. It should have been
enough to show, as the SFC did, that the respondents knew that the market price
would likely be materially lower if the information in their possession had been
disclosed. On a common sense analysis, that should constitute "using" the
information when dealing. Let's hope the SFC takes this point of law to the CFA.
Listing Decision on "Company A"
SEHK,
28-Apr-2017
This can only be Union Asia Enterprise (8173), which was
suspended on 20-Mar-2017 and is now in stage 1 of delisting.
Y v Law Society of HK
HK Court of First
Instance, 28-Apr-2017
This judgment begs a question: if the Law
Society cannot put on a list (for members only) the name of a person with
convictions involving dishonesty unless he actually applies for a job in a law
firm, then law firms cannot use that list to vet applicants - and anyway, if the
person's convictions are in media reports which the law firm can find on the
web, then why bother with a list at all?
And much more besides...
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David M. Webb
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