XN000022-1992-10-21 — Page 10

WEDNESDAY, OCTOBER 21, 1992

SOCIAL

IN ADDITION, THE ADVISORY COMMITTEE ON SOCIAL WORK TRAINING AND MANPOWER PLANNING CONDUCTS REGULAR REVIEWS OF REQUIREMENTS FOR WORKERS.

REFERENCE

+1

MR

"THE OUTCOME OF THESE STUDIES SHOULD PROVIDE USEFUL FOR ACCURATE PLANNING FOR MANPOWER TRAINING IN THESE PROFESSIONS, CHAN ADDED.

STEERING GROUPS TO MONITOR PROGRESS OF COMPANY INSPECTIONS

STEERING GROUPS HAVE BEEN SET UP TO MONITOR PROGRESS INSPECTIONS AS WELL AS THE WORK OF THE INSPECTORS

ON-GOING INVESTIGATIONS CONDUCTED UNDER SECTIONS 142 AND THE COMPANIES ORDINANCE.

OF

THE

IN

THE

143

OF

THE INSPECTIONS ARE OF THE AFFAIRS OF ALLIED GROUP LIMITED LIMITED AND OF THE WORLD TRADE CENTRE GROUP COMPANIES,

AND

AND

RELATED TOMSON PACIFIC LIMITED.

THIS WAS STATED BY THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID THE NENDICK, IN A WRITTEN REPLY TO A QUESTION BY THE HON EMILY LAU IN LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

COMPANY FUTURES

"IN EACH CASE THE STEERING GROUP, WHICH IS CHAIRED BY ONE OF MY DEPUTIES, COMPRISES EXPERIENCED OFFICERS WITH A KNOWLEDGE OF AFFAIRS FROM

LEGAL THE

DEPARTMENT, THE SECURITIES AND COMMISSION AND THE MONETARY AFFAIRS BRANCH, MR NENDICK SAID.

THE

GROUPS

MEET

"I

AND

REVIEW PROGRESS WITH THE

REGULARLY TO RECEIVE REPORTS FROM THE RESPECTIVE INSPECTORS AND CONSIDER

OF PROCEEDING INSPECTORS THE MOST COST-EFFECTIVE AND EFFICIENT WAY WITH THE INSPECTIONS.

UNDER THE

THE SECRETARY SAID FOR THOSE INSPECTIONS CONDUCTED TWO SECTIONS OF THE ORDINANCE, THE ADMINISTRATION MAINTAINED DIRECT CONTACT WITH THE INSPECTORS TO ENSURE THAT EACH INSPECTION WAS CARRIED OUT AS SMOOTHLY AND AS EFFECTIVELY AS POSSIBLE.

ADDITION IN

UNDER TO THE TWO CASES CURRENTLY

INVESTIGATION, PAST 10 YEARS EIGHT OTHER INSPECTIONS HAD BEEN CONDUCTED OVER THE UNDER THE ORDINANCE. ONE OF THESE CASES INVOLVED EIGHT COMPANIES.

IS "IT SHOULD BE NOTED THAT ONE OBJECTIVE OF SUCH INSPECTIONS

PERCEIVED TO TO INVESTIGATE SPECIFIC COMPLAINTS OR SERIOUS PROBLEMS EXIST IN LISTED COMPANIES,' HE SAID.

THE EFFICACY OF SUCH INSPECTIONS CANNOT SOLELY BE JUDGED BY THE NUMBER OF ADVERSE FINDINGS AND SUBSEQUENT SANCTIONS IMPOSED, HE SAID.

"AN INSPECTION CAN THEREFORE IN SOME INSTANCES BE CONSIDERED AS HAVING BEEN SATISFACTORILY CONCLUDED EVEN IF IT ESTABLISHES THAT THERE HAS BEEN NO ABUSE OF FIDUCIARY DUTY OR THAT A PARTICULAR COMPLAINT NOT SUBSTANTIATED," HE SAID.

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