XN000022-1986-07-16 — Page 38

WEDNESDAY, JULY 16, 1986

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THEFT LAW TO BE TIGHTENED

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THE THEFT ORDINANCE WILL BE TGHTENED AGAINST THEFT IN THE COMMERCIAL SECTOR, THE HON PETER C. WONG TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SPEAKING AT THE RESUMED DEBATE OF THE THEFT (AMENDMENT) BILL 1986, MR WONG POINTED OUT THAT THE BILL WOULD REMOVE LOOPHOLES IN THE EXISTING ORDINANCE.

+ THE MAIN THRUST OF THE PROPOSED AMENDMENTS IS TO TIGHTEN THE LAW AGAINST FRAUDULENTLY OBTAINING CREDIT FACILITIES FROM FINANCIAL INSTITUTIONS, HE EXPLAINED.

HE SAID A LEGCO AD HOC GROUP HAD EXAMINED THE BILL IN GREAT DETAIL AND FOUND THAT THE KEY CLAUSE IN THE BILL HAD CAST THE NET TOO WIDE.

ACCORDINGLY, AMENDMENTS TO THE CLAUSE WOULD BE MOVED AT THE COMMITTEE STAGE OF THE BILL BY ANOTHER LEGISLATIVE COUNCILLOR THE HON MARIA TAM SO THAT THE AMENDED CLAUSE +WILL ONLY APPLY TO FINANCIAL INSTITUTIONS AS WAS THE INTENTION+, MR WONG ADDED.

WINDING UP THE DEBATE, THE ATTORNEY GENERAL, THE HON MICHAEL THOMAS, THANKED MR WONG FOR HIS SUPPORT FOR THE BILL AND SAID THE AMENDMENTS PROPOSED BY MISS TAM DID NOT ALTER THE PURPOSE OF THE PROPOSALS CONTAINED IN THE ORIGINAL BILL.

HE SAID THE PROPOSED AMENDMENTS DEFINE +BANK AND DEPOSIT- TAKING COMPANY+ BY CROSS-REFERENCE TO THE NEW BANKING ORDINANCE 1986 WHICH HAD NOT YET COMMENCED.

HE HOWEVER NOTED THAT THE DELAYED COMMENCEMENT OF THE BILL WOULD BE QUITE SHORT AS THE BANKING ORDINANCE 1986 WAS EXPECTED TO BE COMMENCED IN EARLY SEPTEMBER THIS YEAR.

+WITH THESE AMENDMENTS, I REMAIN SURE THAT THIS BILL WILL PROVIDE VALUABLE ADDITIONAL SANCTIONS AGAINST FORMS OF FRAUDULENT ACTIVITY THAT ARE A RECURRING THREAT TO THE INTEGRITY OF ORDINARY BUSINESS LIFE IN HONG KONG, MR THOMAS SAID.

BILL TO STOP UNSCRUPULOUS DEBTORS SUPPORTED

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THE HON WONG PO-YAN TODAY (WEDNESDAY) SUPPORTED AN AMENDMENT BILL THAT WOULD PREVENT UNSCRUPULOUS DEBTORS FROM TAKING ADVANTAGE OF THE 15 PER CENT DIVIDEND PROVISION IN THE EXISTING BANKRUPTCY ORDINANCE SO THAT THEY COULD EVADE BANKRUPTCY ACTION.

SPEAKING AT THE RESUMED DEBATE ON THE BANKRUPTCY (AMENDMENT) BILL 1986 IN THE LEGISLATIVE COUNCIL, MR WONG SAID THE AMENDMENT WAS A LITTLE TARDY AS THE INCIDENTS OF DEBTORS OPPOSING BANKRUPTCY PETITIONS OR APPLYING FOR ANNULMENT HAD BEEN ALLOWED TO BUILD UP OVER THE PAST TWO YEARS.

IT IS