CITIC PACIFIC LIMITED
Barry Cheung takes leave of absence from public service positions
HK Government, 21-May-2013
He follows in the footsteps of Henry Fan, who by coincidence also chaired the Standing Committee on Disciplined Services Salaries and Conditions of Service (the policy pay committee) until he took "leave of absence" back on 28-Oct-2008 during the SFC's CITIC Pacific investigation. No charges have been laid in that case, which the police were also investigating. Plus ca change...
Company director in court for alleged breach of POBO over false statements
Interestingly, the accused, Agnes Tai Wai Kuen, is or was a director of Global Electronics, S.A., a private Panama company of which the other 2 directors are/were Larry Yung Chi-kin, former Chairman of CITIC Pacific (0267) and his daughter Frances Yung Ming-fong. Agnes Tai was Mr Yung's secretary according to a Bloomberg article in 2005. She and Mr Yung are/were the only directors of another Panama company, Worldwide Investments Holding, S.A..
Donald Tsang visits CITIC Pacific mine in Australia.
HK Government, 19-Jun-2011
Mr Tsang said "A Hong Kong listing also helps raise the profile and reputation of the firms in Mainland China." Um, not if you are CITIC Pacific, still under investigation over false and misleading disclosure in 2008 relating to its Australian dollar accumulator losses. Will charges ever be brought?
CITIC Pacific Ltd v Secretary for Justice & Commissioner of Police - costs
HK Court of First Instance, 20-May-2011
Para 3: "At the conclusion of the hearing I reserved my judgement which was then handed down - in two parts, with the publication of one of which was restricted - on 18 March 2011". So we will have to wait for the other part. This costs judgement in itself was not uploaded until 28-Jun-2011, 39 days after it was handed down.
GOME chairman admits: we lied - UPDATED
Electrical retailer GOME, having reached a truce with jailed founder and controlling shareholder Wong Kwong Yu, now puts itself back in the spotlight by Chairman Chen Xiao's confession that it lied to investors in Dec-2008 about the state of affairs of the group. That's a criminal offence. We call on the SFC to investigate. UPDATE: GOME has published a response, which we include with comments. (22-Nov-2010)
Investigations into CITIC Pacific
HK Government, 23-Jun-2010
Comment: the longer we wait for action, the more it seems like the current Secretary for Justice is having a "Sally Aw" moment.
Authorities seek answers from CITIC Pacific
HK Standard, 21-Apr-2010
We suspect the company is running a defence of "our lawyer said we didn't have to disclose it", and so the Department of Justice wants to see the advice. We don't see how that makes a "no material change" statement true, and we don't think obtaining bad advice is an excuse for breaking the law, if they did. Any attempt to claim that excuse is good grounds for voiding legal professional privilege, in our view.
HKEx AGM: veto item 7
We urge shareholders of HKEx (0388) to veto a proposed change to the Articles of Association which would damage good governance and facilitate the stifling of dissenting views. We speak from first-hand experience. HKEx is setting a bad example to the companies it regulates, and the rot should stop now. In passing, we also cast an eye on the ongoing CITIC Pacific case. (11-Apr-2010)
Henry Fan takes leave from Executive Council and MPFA during CITIC Pacific investigation
HK Government, 24-Oct-2008
Comment: What about his other public positions? He chairs the Standing Committee on Disciplined Services Salaries and Conditions of Service and the Advisory Committee on Admission of Quality Migrants and Professionals. He is a member of the Standing Committee on Judicial Salaries and Conditions of Service, the Advisory Committee on Post-office Employment for Former Chief Executives and Politically Appointed Officials, and the HKMA's Exchange Fund Advisory Committee.
CITIC Pacific woes continue
We look further into the scandal enveloping CITIC Pacific, including a possibly false and misleading statement for which the Company and directors could be prosecuted, and also at the grant of an enormous share option over existing shares by PRC Government-owned CITIC HK to Mr Yung, which appears to have been prematurely cancelled in Jul-08. (22-Oct-2008)
CITIC Pacific's time bomb
Why did CITIC Pacific's board wait 6 weeks before telling investors that it had a huge exposure to exotic foreign exchange forward contracts? What does this say about the quality of its board, and the independent directors on its audit committee who, according to a separate statement by the Chairman, found time to complete an investigation of the incident even before the incident was announced? (20-Oct-2008)
Vampire - Nothing Left to Prove
Last week saw AGMs of CITIC Pacific, Hysan, Li & Fung, China Unicom, Cathay, Swire, HK Electric and CKI. In every case, a majority of investor votes were against the 20% cash issue mandate, but controllers pushed it through. With 10 HSI companies now having voted, Project Vampire has nothing left to prove - investors have voted on average by more than 2 to 1 against the issue mandate. It's time for the regulators to act. (16-May-2004)
PwC loses count of CITIC vote
There was one more surprise to come from CITIC Pacific's AGM - "big 4" accountants PwC had miscounted the vote, by an enormous margin, leaving MD Henry Fan with 225m votes fewer than any other director. The error escaped notice until Webb-site.com rang the bell. The HK Society of Accountants should investigate, as this further undermines investor confidence in our voting system. (8-May-2003)
CITIC Pacific/ CLP AGM Roundup
It was a CITIC Pacific AGM with a few surprises - a Boto (0585) independent director reveals for the first time that he did not regard last year's deal as fair and reasonable - so why didn't he say so at the time? Meanwhile Project Vampire bites, as the public vote, excluding insiders, appears to be against the general mandate by a 55% majority. And we take a brief look at the CLP meeting. (6-May-2003)
CITIC Pacific Voting Recommendations
The 6th AGM in Project Poll is on 6-May-03, and we now produce our voting recommendations. We oppose 2 of the INEDs and as always, urge investors to vote vote against the general mandate for their own protection. CCASS Voting closes on 30-Apr-03, so VOTE NOW. (25-Apr-2003)