WEDNESDAY, JULY 1, 1987
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MR NENDICK SAID THE COMPANY IN QUESTION HAD NOT BEEN AUTHORISED TO TAKE DEPOSITS IN HONG KONG UNDER THE BANKING ORDINANCE.
MR NENDICK ALSO SAID ACCORDING TO THE VANUATU AUTHORITIES, THE COMPANY HAD HAD ITS BANKING LICENCE REVOKED AND WAS NOW IN THE COURSE OF LIQUIDATION.
"MOREOVER, NO OTHER DEPOSITOR HAS COME FORWARD IN THIS CASE TO REPORT THAT THE VANUATU COMPANY HAD TAKEN FURTHER DEPOSITS ILLEGALLY, DESPITE THE WIDE PUBLICITY WHICH HAS BEEN GIVEN,
H HE SAID.
HE ADDED THAT UNDER THE BANKING ORDINANCE, THE MAXIMUM SANCTION AGAINST ILLEGALLY CARRYING ON BANKING OR BUSINESS WAS $500,000 AND IMPRISONMENT FOR FIVE YEARS.
DEPOSIT-TAKING
THIRD UNIVERSITY A MASSIVE VOTE CONFIDENCE
*
THE ESTABLISHMENT OF THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY REPRESENTS A MASSIVE VOTE OF CONFIDENCE IN THE FUTURE OF THE TERRITORY, THE SECRETARY FOR EDUCATION AND MANPOWER, THE MICHELANGELO PAGLIARI, SAID TODAY (WEDNESDAY).
THE UNIVERSITY WAS BROUGHT TO LIFE TODAY WITH THE PASSAGE THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY BILL 1987 IN LEGISLATIVE COUNCIL.
HON
OF
THE
THE
WINDING UP THE DEBATE ON THE BILL, MR PAGLIARI SAID THAT ONLY NATURAL RESOURCE IN HONG KONG WAS PEOPLE, AND HONG KONG WAS EXPLOITING THE RESOURCE" BY DEVELOPING THE POTENTIAL OF OUR PEOPLE THROUGH EDUCATION AND INDUSTRIAL TRAINING, PREPARING THEM ΤΟ PARTICIPATE FULLY IN ALL ASPECTS OF THE LIFE OF THIS VIBRANT COMMUNITY."
HE ALSO POINTED OUT THAT EDUCATION ACCOUNTED FOR THE LARGEST SLICE OF THE GOVERNMENT'S EXPENDITURE AND IT WAS RIGHT AND PROPER THAT IT SHOULD.
"ITS SEEMS INEVITABLE THAT THE SHARE OF PUBLIC EXPENDITURE WHICH GOES TO EDUCATION WILL INCREASE AS MORE STUDENTS AT A HIGHER LEVEL TO MASTER THE INCREASINGLY COMPLEX SUBJECTS WHICH WILL BE NECESSARY IF OUR ECONOMIC SUCCESS IS TO CONTINUE AND INDEED IMPROVE IN THE HIGHLY SOPHISTICATED WORLD IN WHICH WE PLAY AN INCREASINGLY IMPORTANTPART, "HE ADDED,
MR PAGLIARI ALSO NOTED THAT THE HIGH COST OF THE HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY REFLECTED THE HIGH TECHNOLOGY WHICH THAT INSTITUTION WOULD BRING TO THE EDUCATIONAL AND INDUSTRIAL LIFE OF HONG KONG AND SAID IT REPRESENTED A MASSIVE VOTE OF CONFIDENCE IN THE FUTURE OF THE TERRITORY.
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