The HK Financial
Secretary appointed a 2-man Panel of Inquiry into the recent "Penny
Stocks Incident". In the interests of transparency, Webb-site.com
is publishing the letter we received from PIPSI and our submission in
response. |
PIPSI Submission
18th August 2002
On 31-Jul-02, the Legislative
Council Financial Affairs Panel held a hearing (agenda)
into the so-called "Penny Stocks Incident". Pre-empting a call
from that panel for a formal Commission of Inquiry under the Commissions
of Inquiry Ordinance, the Financial Secretary instead announced
that day that he would appoint a 2-man Panel of Inquiry on Penny Stocks
Incident (PIPSI).
The panellists are Mr
Robert Kotewall, a Senior Counsel (barrister) in private practice, and Mr
Gordon Kwong Che-keung.
There's not much we can show you on
Mr Kotewall on the web, but he did go to Diocesan Boys School in the class
of '69 - there he is on the back
row! He was also a
non-executive
director of the SFC until 31-Dec-98.
Mr Kwong is Vice President of COSCO
(Hong Kong) Group Ltd, the local arm of mainland government-controlled
China Ocean Shipping Company, and is an executive director of HK-listed COSCO
International Holdings Ltd and COSCO
Pacific Ltd, and an Independent Non-Executive Director of Beijing
Capital International Airport Co Ltd and Vision
Century Corp Ltd. He was a partner of PriceWaterhouseCoopers until 1998.
We received a letter
from PIPSI dated 8-Aug-02 inviting us to make any comments we may have
on the "Incident" and any suggestions on the rule-making process.
In the interests of transparency, we are publishing the letter and our
response.
Click
here to read our submission in Acrobat PDF format. If you can't open
it, get the free Acrobat
reader from Adobe.
© Webb-site.com, 2002
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