#FailedState
#PandoraPapers Expose Undisclosed Assets of Former Hong Kong #ChiefExecutives
Hong Kong Stand News took part in the Pandora Papers investigations by the International Consortium of Investigative Journalists (#ICIJ), joining forces with over 600 journalists across 117 countries and territories in uncovering secret finances of the rich and powerful of the world.
The papers uncovered undisclosed assets held by two former chief executives of Hong Kong, #LeungChunYing and TungCheeWah, both of whom are now serving on the Chinese People's Political Consultative Conference (#CPPCC) as vice-chairmen.
(1) Leung Chun-ying's Undisclosed #UGL-Related Sales May Constitute Misconduct, Says Ex-ICAC Officer
Leung was found to have made undisclosed sales of shares worth HKD $2.3 million in EuroAsia Properties, a subsidiary of international property services firm DTZ, which he held through a convoluted string of ownership via two offshore companies.
Notably, the undisclosed sale occurred during an anti-corruption investigation on Leung in 2015, in which he was said to have received HKD $50 million as part of an agreement with Australian firm UGL when it acquired DTZ Holdings. The details of the newly found sales agree with those of the UGL agreement, which was disclosed by Sydney Morning Herald.
The ICIJ and Stand News had inquired Leung regarding the new findings, without receiving a reply.
Since the Pandora Papers were published, however, Leung published a statement on the same day, claiming that the government's reporting rules did not require declaring changes in subsidiary companies. He also said that he had initiated procedures for resigning from his director's position at EuroAsia before becoming chief executive, and that it may not be immediately effective due to the differing legal processes in different countries.
However, barrister and former ICAC Chief Investigation Officer Stephen Char said that this shows that loopholes exist in the government's procedures of declaring assets. If there is sufficient evidence that the omission is deliberate, Char added, it may constitute an offence of Misconduct in public office.
(2) Tung Chee-Wah and Family Involved in Over 72 Offshore Companies
The Pandora Papers also show former chief executive Tung Chee-wah and his family to be involved in at least 72 offshore companies, of which 7 are owned by Tung.
One company's HSBC bank account was found to have current assets worth an estimated USD $1 million.
Tung's youngest son also has a Bank of China account via another offshore company. Tung's brother Chee-chen allegedly also has bank accounts through 4 offshore companies, and owns mansions in opulent neighborhoods via yet another two offshore companies.
Of the 7 companies owned by Tung, the papers show that he has either full or partial ownership in his name or in a company name. These 7 are all established in March 2005, after Tung's resignation from his chief executive position.
Now 84 years of age, Tung was conspicuously absent at the flag-raising ceremony on China's national day last Friday, Oct 1. His spokesperson said that Tung was not feeling well that day, and was resting at home.
See also:
Ex-Hong Kong leader CY Leung sold shares for HK$2.3 million during anti-corruption probe
https://hongkongfp.com/2021/10/04/ex-hong-kong-leader-cy-leung-sold-shares-for-hk2-3-million-during-anti-corruption-probe-report/
Source: Stand News #Oct4
https://bit.ly/3a8mlG6
#Collusion #Corruption #ICIJ #UGL #HKCE
#PandoraPapers Expose Undisclosed Assets of Former Hong Kong #ChiefExecutives
Hong Kong Stand News took part in the Pandora Papers investigations by the International Consortium of Investigative Journalists (#ICIJ), joining forces with over 600 journalists across 117 countries and territories in uncovering secret finances of the rich and powerful of the world.
The papers uncovered undisclosed assets held by two former chief executives of Hong Kong, #LeungChunYing and TungCheeWah, both of whom are now serving on the Chinese People's Political Consultative Conference (#CPPCC) as vice-chairmen.
(1) Leung Chun-ying's Undisclosed #UGL-Related Sales May Constitute Misconduct, Says Ex-ICAC Officer
Leung was found to have made undisclosed sales of shares worth HKD $2.3 million in EuroAsia Properties, a subsidiary of international property services firm DTZ, which he held through a convoluted string of ownership via two offshore companies.
Notably, the undisclosed sale occurred during an anti-corruption investigation on Leung in 2015, in which he was said to have received HKD $50 million as part of an agreement with Australian firm UGL when it acquired DTZ Holdings. The details of the newly found sales agree with those of the UGL agreement, which was disclosed by Sydney Morning Herald.
The ICIJ and Stand News had inquired Leung regarding the new findings, without receiving a reply.
Since the Pandora Papers were published, however, Leung published a statement on the same day, claiming that the government's reporting rules did not require declaring changes in subsidiary companies. He also said that he had initiated procedures for resigning from his director's position at EuroAsia before becoming chief executive, and that it may not be immediately effective due to the differing legal processes in different countries.
However, barrister and former ICAC Chief Investigation Officer Stephen Char said that this shows that loopholes exist in the government's procedures of declaring assets. If there is sufficient evidence that the omission is deliberate, Char added, it may constitute an offence of Misconduct in public office.
(2) Tung Chee-Wah and Family Involved in Over 72 Offshore Companies
The Pandora Papers also show former chief executive Tung Chee-wah and his family to be involved in at least 72 offshore companies, of which 7 are owned by Tung.
One company's HSBC bank account was found to have current assets worth an estimated USD $1 million.
Tung's youngest son also has a Bank of China account via another offshore company. Tung's brother Chee-chen allegedly also has bank accounts through 4 offshore companies, and owns mansions in opulent neighborhoods via yet another two offshore companies.
Of the 7 companies owned by Tung, the papers show that he has either full or partial ownership in his name or in a company name. These 7 are all established in March 2005, after Tung's resignation from his chief executive position.
Now 84 years of age, Tung was conspicuously absent at the flag-raising ceremony on China's national day last Friday, Oct 1. His spokesperson said that Tung was not feeling well that day, and was resting at home.
See also:
Ex-Hong Kong leader CY Leung sold shares for HK$2.3 million during anti-corruption probe
https://hongkongfp.com/2021/10/04/ex-hong-kong-leader-cy-leung-sold-shares-for-hk2-3-million-during-anti-corruption-probe-report/
Source: Stand News #Oct4
https://bit.ly/3a8mlG6
#Collusion #Corruption #ICIJ #UGL #HKCE
Hong Kong Free Press HKFP
Ex-Hong Kong leader CY Leung sold shares for HK$2.3 million during anti-corruption probe – report
Hong Kong’s then-leader Leung Chun-ying sold shares worth HK$2.3 million (£200,000) in a subsidiary of international property services firm DTZ in 2015, whilst he was being investigated by an…