XN000022-1992-03-25 — Page 11

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WEDNESDAY, MARCH 25, 1992

THE REPORTED GRIEVANCES COVER A WIDE RANGE OF MALPRACTICES. THESE INCLUDE:

* CHURNING, UNDER WHICH A COMPANY MAKES MANY MORE TRANSACTIONS THAN COMMERCIAL PRUDENCE WOULD DICTATE, IN ORDER TO BOOST THEIR PROFITS FROM COMMISSION;

* IN-HOUSE TRADING WITHOUT

EXCHANGE TRANSACTIONS;

* DISHONOURED CHEQUES;

CARRYING OUT ACTUAL FOREIGN

* OUTRIGHT FRAUD SUCH AS FLY-BY-NIGHT COMPANIES;

* COLLAPSE OF COMPANIES DUE TO FINANCIAL DIFFICULTIES;

* INABILITY OF CLIENTS TO CONTACT THEIR ACCOUNT EXECUTIVES,

AND

* COMPANIES IGNORING THE CLIENTS' BUYING OR SELLING INSTRUCTIONS, THEREBY PREVENTING THE CLIENTS FROM REALISING PROFITS OR CUTTING LOSSES, AS THE CASE MAY BE.

MR NENDICK SAID THE GOVERNMENT WOULD CONTINUE TO ISSUE WARNINGS FROM TIME TO TIME THROUGH THE MEDIA ABOUT THE RISKS IN INVESTING THROUGH FRINGE FOREIGN EXCHANGE OPERATORS AND ADVISING THEM AT THE SAME TIME TO USE AUTHORISED INSTITUTIONS UNDER THE BANKING ORDINANCE.

HE REMINDED MEMBERS OF THE PUBLIC TO EXERCISE UTMOST CARE AND PRUDENCE WHEN ENTERING INTO ANY INVESTMENT ARRANGEMENT IN ORDER TO SAFEGUARD THEIR OWN INTERESTS.

GOVT TAKES LEAD IN EMPLOYING DISABLED

* * *

AS THE LARGEST EMPLOYER OF DISABLED PERSONS IN HONG KONG, THE GOVERNMENT HAS TAKEN AND WILL CONTINUE TO TAKE THE LEAD IN PLACING DISABLED PERSONS IN APPROPRIATE JOBS IN THE CIVIL SERVICE.

CIVIL SERVICE, MR

THIS WAS STATED BY THE SECRETARY FOR THE BARRIE WIGGHAM, AT THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

IN A WRITTEN REPLY TO A QUESTION BY THE HON. ERIC LI KA-CHEUNG, MR WIGGHAM EXPLAINED THAT THE GOVERNMENT'S POLICY ON THE EMPLOYMENT OF DISABLED PERSONS IN THE CIVIL SERVICE IS TO PLACE THEM IN APPROPRIATE JOBS WHEREVER POSSIBLE.

ANY

STIPULATED

"AS WITH ABLE-BODIED PERSONS, DISABLED PERSONS APPLYING FOR APPOINTMENT IN THE CIVIL SERVICE HAVE TO COMPLY WITH ENTRY REQUIREMENTS, HE SAID.

/"IF THEY