Revelations in The Age
today that Hong Kong’s Chief Executive C.Y Leung received more than $A7 million
from an Australian engineering company, which he did not publicly declare and
while other shareholders and unsecured creditors got nothing, are a matter of
great concern. It is important for Hong Kong’s reputation as a place of
commercial integrity that these reports be thoroughly investigated and that Mr
Leung stand down from his position while this is carried out.
The Age reports that
the Australian engineering company UGL bought an insolvent firm called DTZ
Holdings, and secretly paid Mr Leung more than $A7 million as part of this
process, but left DTZ’s other shareholders and unsecured creditors with nothing
wiping out investments worth tens of millions of dollars.
These are serious
allegations which require an appropriately serious response.
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