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SATURDAY, NOVEMBER 26, 1994
THE SPOKESMAN NOTED THAT MRS REID HAD MADE A CLAIM TO THE WHOLE OF THE HOUSE IN LEGAL PROCEEDINGS IN NEW ZEALAND. IN THESE CIRCUMSTANCES, THE SETTLEMENT WHICH PROVIDED FOR THE PROCEEDS TO BE SPLIT BETWEEN THE HONG KONG GOVERNMENT AND MRS REID AND HER CHILDREN WAS CONSIDERED TO BE MOST REASONABLE, AND ELIMINATED THE NEED FOR FURTHER COSTLY LITIGATION WITH AN UNCERTAIN OUTCOME.
REFERRING TO REPORTS THAT THE REIDS HAD FINANCIALLY BENEFITED BY $1.3 MILLION, THE SPOKESMAN SAID THIS MONEY WAS USED BY MRS REID TO SUPPORT HERSELF AND HER THREE CHILDREN OVER THE PAST FOUR YEARS.
IT INCLUDED AIRFARES FOR MRS REID TO COME TO HONG KONG FROM NEW ZEALAND TO VISIT HER HUSBAND ON A NUMBER OF OCCASIONS.
THE MONEY HAD BEEN SPENT, IT IS NOT RECOVERABLE AND CANNOT BE PROSECUTED FOR HAVING SPENT IT, THE SPOKESMAN SAID.
MRS REID
AS FOR MONEY STILL HELD BY THE REIDS IN TAIWAN, THE SPOKESMAN POINTED OUT THAT BOTH THE REIDS HAD SIGNED A DIRECTION TO THEIR LAWYER IN TAIWAN TO PAY THAT MONEY TO THE HONG KONG GOVERNMENT.
REID'S
THE LAWYER HAS SOUGHT SEPARATE CONFIRMATION THROUGH MRS SOLICITORS IN NEW ZEALAND THAT HE SHOULD PAY OUT THE MONEY TO THE HONG KONG GOVERNMENT.
"WE HAVE NO REASON TO SUPPOSE THAT THE CONFIRMATION WILL NOT BE GIVEN. BUT IF IT IS NOT FORTHCOMING, WE WILL TAKE LEGAL ACTION AGAINST THE REIDS TO ENSURE THAT THEY DO NOT BENEFIT IN ANY WAY."
THE SPOKESMAN NOTED THAT IF THE OVERALL SETTLEMENT WHICH BEEN AGREED BY THE HONG KONG GOVERNMENT HAD NOT BEEN REACHED, THEN
I)
HAD
REID WOULD HAVE GOT THE TAIWAN MONEY (HK$2.2 MILLION).
II) WE WOULD HAVE FACED CONTINUED AND PROLONGED LEGAL PROCEEDINGS AGAINST THE REIDS AT THE TAXPAYER'S EXPENSE, WITH NO CERTAINTY OF BEING ABLE TO RECOVER THE ASSETS. INDEED ENDED UP WITH LEGAL COSTS EXCEEDING THE AMOUNT RECOVERED.
THAT
WE MAY HAVE
THE SPOKESMAN POINTED OUT THAT IT IS WORTH EMPHASISING
I) REID GETS NOTHING WHEN HE COMES OUT FROM PRISON;
AGAIN
II) THE HONG KONG GOVERNMENT GETS ALL ASSETS, AMOUNTING TO HK$7.5 MILLION, SAVE A SMALL SUM SET ASIDE FOR MRS REID AND HER THREE CHILDREN;
III) THE HONG KONG TAXPAYER IS SPARED THE COST OF FURTHER LEGAL PROCEEDINGS;
IV) THE SETTLEMENT IS CONDITIONED ON THE REIDS MAKING FULL DISCLOSURE OF THE ASSETS. IF ANY UNDISCLOSED ASSETS WERE TO COME TO LIGHT IN THE FUTURE, THE GOVERNMENT WOULD NOT HESITATE TO BRING LEGAL PROCEEDINGS TO RECOVER THEM.
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