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FRIDAY, OCTOBER 30, 1987
|| 'WHAT 13 NEEDED 19 MORE SUCCESS IN STOPPING FINANCIAL HANKY-PANKY IN ITS TRACKS AND CLEAR THINKING FELLOW DIRECTORS, COURAGEOUS ASSOCIATES, ASTUTE BANKERS AND ROBUST PROFESSIONAL ADVISERS WHO ARE PREPARED TO DO SOMETHING WHEN THEIR SUSPICIONS ARE FIRST AROUSED."
THE POLICE TENDED ONLY TO BECOME INVOLVED WHEN THERE HAD BEEN A TOTAL DEBACLE, SUCH AS INSOLVENCY ON A MASSIVE SCALE, HE SAID. THAT WAS FAR TOO LATE TO PREVENT HEAVY LOSSES TO INNOCENT VICTIMS, LARGE AND SMALL. HE COMMENTED: "IF ONLY IRREGULARITIES WERK CHECKED SOON AFTER THE LOANS WERE DISHONESTLY MADE, OR THE BOOKS HAD BBEN FALSELY WRITTEN UP, OR THE SECURITIES HAD BEEN DOUBLY PLEDGED.
WITH
MR THOMAS SAID HE KNEW THERE HAD ALREADY BEEN DISCUSSIONS THE SOCIETY TO ENCOURAGE ACCOUNTANTS TO REPORT EVIDENCE OF FRAUD AT AN EARLY STAGE.
THIS FOLLOWED THE FIRST OF 57 RECOMMENDATIONS MADE LAST YEAR BY THE SELECT COMMITTEE ON COMPLEX COMMERCIAL CRIMES URGING THE GOVERNMENT TO DISCUSS WITH THE SOCIETY AND OTHER INTERESTED PARTIES WAYS TO FACILITATE THE REPORTING BY ACCOUNTANTS OF SUSPECTED FRAUD.
THE ATTORNEY GENERAL SAID HE WAS GLAD PROGRESS HAD BEEN MADE AND THAT GUIDELINES WOULD SHORTLY BE ISSUED BY THE SOCIETY TO ITS MEMBERS.
"AT
FIRST THIS WILL CONCENTRATE ON THE BANKING AND DEPOSIT-TAKING SECTOR WHERE GOVERNMENT IS MUCH INVOLVED. Ι HOPE IT WILL NOT BE TOO LONG BEFORE THE PRACTICES THAT EMERGE CAN BE INTO OTHER AREAS OF BUSINESS LIFE, HE SAID.
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EXTENDED
MR THOMAS SAID THE INTERNATIONAL REPUTATION OF HONG KONG LAT WITH THOSE ENGAGED IN BUSINESS LIFE.
"I PAY TRIBUTE TO THIS SOCIETY FOR THE WAY IN WHICH THEY HAVE RECOGNISED THAT SIMPLE TRUTH AND HAVE RISEN TO THE CHALLENGE OF RAISING THE STANDARDS OF THEIR MEMBERS AND THEIR CLIENTS,
"THE RIGHT OF AN HONOURABLE PROFESSION То ENJOY THEIR INDEPENDENCE RESTS UPON THE QUALITY OF THE SERVICES THEY HAVE ΤΟ OFFER TO THE COMMUNITY, HE SAID.
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TO
TURNING TO THE TOPIC OF LIMITED LIABILITY, MR THOMAS SAID НВ UNDERSTOOD THAT THE SOCIETY WOULD BE MAKING FURTHER SUBMISSIONS HIM ON THE SUBJECT.
BUT THE ATTORNEY GENERAL WARNED THEM NOT TO "THE JUSTIFICATION FOR STATUTORY PROTECTION PROFESSIONAL MEN IS ONE THAT MEMBERS OF THE DIFFICULT TO UNDERSTAND," HE SAID.
EXPECT
FOR PUBLIC
тоо MUCH. WELL-PAID WILL FIND
MR THOMAS