XN000022-1987-11-04 — Page 8

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WEDNESDAY, NOVEMBER ↳, 1987

MR WONG OBSERVED THAT THE COLLAPSE OF THE EXCHANGE MARKETS HAD CERTAINLY ADDED A NEW DIMENSION ΤΟ THE NEED TO HAVE EFFECTIVE REMEDIES TO TACKLE COMPLEX COMMERCIAL CRIMES.

BE NOTED THAT THE RECENT CONCLUSION OF THE COMPLEX COURT CASE IN LOCAL HISTORY HAD SHOWN HOW THAT THERE SHOULD BE REFORMS.

LONGEST AND MOST NECESSARY IT WAS

HE WAS, THEREFORE, PLEASED TO LEARN THAT A DRAFT BILL IMPLEMENTING, AS FAR AS POSSIBLE, THE RECOMMENDATIONS OF THE LEGCO'S SELECT COMMITTEE ON COMPLEX COMMERCIAL CRIME WOULD SOON BE PUT BEFORE THE EXECUTIVE COUNCIL.

MR WONG SAID: "I DO NOT WISH то SUGGEST THAT THERE IS ANY SIMILARITY BETWEEN FRAUD AND ABUSES ON THE STOCK EXCHANGE, BUT THE INADEQUACIES OF OUR PRESENT SYSTEM OF INVESTIGATING AND TRYING COMPLEX COMMERCIAL CRIMES AND SUCH MATTERS AS THE ABSENCE OF ANY REAL SANCTIONS AGAINST INSIDER DEALING WILL CONTINUE TO GIVE ENCOURAGEMENT TO THE OPPORTUNIST, THE UNETHICAL, AND THE DOWNRIGHT DISHONEST."

"THIS WILL CERTAINLY BE DETRIMENTAL TO HONG KONG'S REPUTATION AS A FINANCIAL CENTRE, HE ADDED.

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TURNING TO HONG KONG'S RELATIONS AND LINKS WITH CHINA, MR WONG POINTED OUT THAT TWO RECENT EXAMPLES OF SPEEDY AND CONSTRUCTIVE HELP SHOWED HOW READY CHINA WAS TO COME TO HONG KONG'S AID IN TIMES OF EMERGENCY.

THE FIRST WAS THE VERY SATISFACTORY ARRANGEMENTS FOR THE REPATRIATION BACK TO CHINA OF LARGE NUMBER OF EX-CHINA VIETNAMESE TLLEGAL IMMIGRANTS; AND THE SECOND WAS THE PARTICIPATION OF THE BANK OF CHINA IN THE EFFORTS TO SUPPORT THE FUTURES EXCHANGE.

MR WONG SAID THERE HAD BEEN DURING THE PAST YEAR CONSIDERABLE QUESTIONING OF CHINA'S INTENTIONS TOWARDS HONG KONG, PARTICULARLY IN RELATION TO THE REVIEW OF DEVELOPMENTS IN REPRESENTATIVE GOVERNMENT.

HE SAID: "IT IS NATURAL FOR THERE то BE CONCERN THAT OUR PRESENT FREEDOMS SHOULD BE PRESERVED. IT IS UNDERSTANDABLE THAT THIS CONCERN SHOULD SOMETIMES TAKE THE FORM OF ANXIETY ABOUT OUR FUTURE.

"BUT IT WILL DO OUR CONFIDENCE IN OURSELVES AND IN OUR FUTURE NO GOOD IF WE MISTRUST CHINA'S MOTIVES TOWARDS HONG KONG AND DOUBT HER INTENTIONS TO CARRY OUT THE TERMS OF THE JOINT DECLARATION,'

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HE ADDED: **BY ALL MEANS LET US GUARD FREEDOMS AND EXAMINE CRITICALLY THE MANY CHANGES THAT MUST TAKE PLACE DURING THE TRANSITION PERIOD, BUT LET THIS BE AN ATTITUDE OF HEALTHY CAUTION AND NOT ONE OF UNDUE SUSPICION."

/MR WONG