Thursday, October 9, 2014

Hong Kong CEO Should Stand Down

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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