19
WEDNESDAY, NOVEMBER 20, 19
PUBLIC CONCERN DECIDED CHOICE OF PROBE ORDINANCE
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INVESTIGATIONS INTO THE AFFAIRS OF EDA INVESTMENTS LIMITED WERE CONDUCTED UNDER THE AEGIS OF THE SECURITIES ORDINANCE RATHER THAN THE COMPANIES ORDINANCE BECAUSE IT DIRECTLY GOVERNED THE AREA THAT WAS OF GREATEST CONCERN TO THE PUBLIC, THE FINANCIAL SECRETARY THE HON SIR JOHN BREMRIDGE, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
REPLYING TO A QUESTION BY THE HON DAVID LI, SIR JOHN SAID BOTH THE SECURITIES COMMISSION AND THE ADMINISTRATION HAD CAREFULLY CONSIDERED IN MARCH 1983 UNDER WHICH ORDINANCE INSPECTORS INTO THE AFFAIRS OF EDA INVESTMENTS LIMITED AND ITS SUBSIDIARIES AND ASSOCIATED COMPANIES SHOULD BE APPOINTED.
+ THE ARGUMENTS WERE FINELY BALANCED; BUT THE CONCLUSION WAS THAT AN INVESTIGATION UNDER SECTION 127 OF THE SECURITIES ORDINANCE WAS PREFERABLE,+ HE SAID.
*THIS ORDINANCE DIRECTLY GOVERNS THE AREA THAT WAS OF GREATEST CONCERN TO THE PUBLIC, I.E. DEALINGS IN SECURITIES. IT ALSO GIVES GREATER FLEXIBILITY AND WIDER POWERS,+
SIR JOHN SAID THE NEED TO APPOINT INSPECTORS TO INVESTIGATE THE AFFAIRS OF THE CARRIAN GROUP OF COMPANIES BECAME APPARENT
IN APRIL 1983.
+BECAUSE THE INVESTIGATION INTO EDA HAD SHOWN A HIGH DEGREE OF INTERACTION BETWEEN EDA AND THE CARRIAN GROUP OF COMPANIES AND BETWEEN CERTAIN INDIVIDUALS, THE SECURITIES COMMISSION AND THE ADMINISTRATION BOTH AGREED THAT FOR SPEED OF ENQUIRY AND THE GENERAL BENEFIT TO BE DERIVED FROM IT. THE SAME INSPECTORS SHOULD BE APPOINTED UNDER THE SAME LEGISLATION,+ HE ADDED,
NO PLANS TO DROP TUNNEL CHARGES
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THE GOVERNMENT DOES NOT INTEND TO TEMPORARILY DISPENSE WITH TUNNEL CHARGES AT THE LION ROCK TUNNEL PENDING COMPLETION OF THE ADDITIONAL THREE TOLL BOOTHS NOW UNDER CONSTRUCTION, THE SECRETARY FOR TRANSPORT, THE HON IAN MACPHERSON, SAID TODAY (WEDNESDAY).
IN A WRITTEN REPLY TO THE HON WONG WANG-FAT, MR MACPHERSON SAID THAT TO DO SO WOULD ADD TO THE VOLUME OF TRAFFIC USING The TUNNEL AS IT WAS ESTIMATED THAT UP TO 50 PER CENT OF VEHICLES CURRENTLY USING THE TOLL FREE TAI PO ROAD WOULD BE DIVERTED TO LION ROCK TUNNEL ROAD.