XN000022-1993-06-09 — Page 4

3

WEDNESDAY, JUNE 9, 1993

GOVT VIGILANT ON UNSCRUPULOUS INSOLVENCY CASES

* * * * *

THE OFFICIAL RECEIVER'S OFFICE HAS, FOR THE FIRST TIME, SUCCESSFULLY PROSECUTED A COMPANY DIRECTOR FOR AN INSOLVENCY OFFENCE ON MONDAY SINCE ACTING UNDER THE TRANSFERRED POWERS FROM THE CROWN PROSECUTOR.

A GOVERNMENT SPOKESMAN TODAY (WEDNESDAY) SAID SUMMONS HAD BEEN ISSUED IN ANOTHER FIVE CASES FOR SIMILAR OFFENCES OF FAILING TO KEEP AND PRESERVE THE BOOKS AND ACCOUNTS OF A COMPANY IN LIQUIDATION,

MR CHEN CHAK-MAN, A DIRECTOR OF GIANT YIELD INVESTMENTS LIMITED WHICH WAS WOUND UP IN 1991, WAS CONVICTED IN THE WESTERN MAGISTRACY ON MONDAY FOR FAILING TO PRESERVE THE ACCOUNTING RECORDS OF THE COMPANY UNDER SECTION 121 OF THE COMPANIES ORDINANCE CAP 32 AND WAS FINED $60,000.

THE DEFENDANT CLAIMED THAT THE ACCOUNTING RECORDS HAD BEEN SENT TO THE NEW TERRITORIES FOR STORAGE BUT HAD NOW BEEN LOST AND THAT HE HAD NO KNOWLEDGE AS TO THEIR WHEREABOUTS.

IN MARCH LAST YEAR, THE CROWN PROSECUTOR TRANSFERRED THE AUTHORITY то PROSECUTE VARIOUS INSOLVENCY OFFENCES ΤΟ THE LEGAL OFFICERS IN THE OFFICIAL RECEIVER'S OFFICE, WHICH WAS RE-ORGANISED A SEPARATE DEPARTMENT ONE YEAR AGO.

AS

COMPANY MOSTLY

DURING 1992/93, 64 SUMMONSES WERE ISSUED AGA INST DIRECTORS AND OFFICERS OF COMPANIES IN COMPULSORY LIQUIDATION FOR FAILING TO SUBMIT A STATEMENT OF AFFAIRS AT THE DATE WINDING UP ORDER, WHICH RESULTED IN 51 CONVICTIONS AND TOTAL FINES BEING AWARDED BY THE COURT OF $336,730.

OF THE

POLL DAYS SET FOR TWO BY-ELECTIONS

ABOUT

BROUGHT

THE POLLING DAYS FOR THE TWO FORTHCOMING BY-ELECTIONS BY THE DISQUALIFICATION OF MR GILBERT LEUNG KAM-HO HAVE BEEN DETERMINED.

THE LEGISLATIVE COUNCIL BY-ELECTION IN RESPECT OF THE REGIONAL COUNCIL FUNCTIONAL CONSTITUENCY WILL BE HELD ON WEDNESDAY JULY 28.

THIS WILL BE FOLLOWED BY THE REGIONAL COUNCIL BY-ELECTION THE SAI KUNG CONSTITUENCY 11 DAYS LATER ON SUNDAY AUGUST 8.

FOR

EACH BY-ELECTION WILL HAVE A TWO-WEEK NOMINATION PERIOD.

THE NOMINATION PERIOD FOR LEGISLATIVE COUNCIL BY-ELECTION WILL

RUN FROM JUNE 25 TO JULY 9.

NOMINATIONS FOR THE REGIONAL COUNCIL BY-ELECTION WILL BE CALLED FOR BETWEEN JULY 5 AND 19.

14