XN000022-1994-01-12 — Page 11

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WENDESDAY, JANUARY 12, 1994

CREDITORS OF

SUBSTANTIAL DIVIDENDS WERE ALSO DECLARED TO THE CHINA UNDERWRITERS LIFE AND GENERAL INSURANCE COMPANY LIMITED MILLION) AND MOSBERT ACCEPTANCE LIMITED ($12.5 MILLION).

($67.6

1993

END OF

FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END OF TOTALLED $4,115 MILLION COMPARED WITH $4,973 MILLION AT THE 1992, REPRESENTING A REDUCTION OF $858 MILLION.

THE OFFICIAL RECEIVER, TOGETHER WITH A JOINT LIQUIDATOR,. ADMINISTERED SUMS OF U.S.$2 MILLION (U.S.$12.2 MILLION AT THE END 1992) AND JAPANESE YEN 272 MILLION (JAPANESE YEN 27.5 MILLION AT END OF 1992).

ALSO

OF

THE

ΤΟ ATTRIBUTABLE

THE

THE REDUCTION IN FUNDS WAS ESSENTIALLY

THE PAYMENT

RECEIVER, PARTICULARLY OF

BY THE DIVIDENDS

OFFICIAL

AND COMMERCE PAYMENTS MADE TO THE DEPOSITORS OF THE BANK OF CREDIT HONG KONG.

THE

HANDLED BY

2,062, PERSONAL

THE TOTAL NUMBER OF ACTIVE INSOLVENCY CASES BEING

YEAR WAS OFFICE AT THE END OF THE OFFICIAL RECEIVER'S

AND 803 REPRESENTING

LIQUIDATIONS COMPULSORY 1,259 BANKRUPTCIES, AS AGAINST A TOTAL OF 1,903 AT THE END OF 1992.

SECURITIES (INSIDER DEALING) (AMENDMENT) BILL 1994

THE GOVERNMENT IS INTRODUCING A BILL TO EXTEND THE SCOPE OF THE ΤΟ THIRD PARTY ISSUED SECURITIES (INSIDER DEALING) ORDINANCE DERIVATIVE PRODUCTS, THE ACTING SECRETARY FOR FINANCIAL SERVICES, TAM WING-PONG, SAID TODAY (WEDNESDAY).

MR

THE SECURITIES (INSIDER DEALING) (AMENDMENT) BILL 1994 WILL INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JANUARY 26.

BE

ONLY

"INSIDER DEALING AS DEFINED IN THE ORDINANCE NOW APPLIES

PRODUCTS ISSUED BY LISTED SECURITIES OR SOME LISTED DERIVATIVE COMPANIES IN RESPECT OF THEIR OWN LISTED SECURITIES.

TO

"IN

WORDS, OTHER

THE ORDINANCE DOES DERIVATIVES

AN ISSUED BY

UNRELATED THIRD INSTRUMENTS ARE NOT LISTED IN HONG KONG.

NOT PARTY

TRADING COVER

OR WHERE

OF SUCH

RECTIFIED "THIS IS AN ANOMALY IN THE ORDINANCE WHICH SHOULD BE

MEANS то GET SINCE THE FLEDGLING DERIVATIVE MARKET MAY PROVIDE A

MR TAM SAID. AROUND WITH THE INSIDER DEALING LEGISLATION,

FOR ILLICIT PROFITS CAN BE GAINED FROM DEALING IN DERIVATIVES.

LISTED EXAMPLE, SOMEONE IN POSSESSION OF INSIDER INFORMATION ABOUT A

WITHOUT BEING COMPANY "X" CAN DEAL IN WARRANTS ON THE SHARES OF "X"

ARE CAUGHT BY THE INSIDER DEALING LEGISLATION AS LONG AS THE WARRANTS ISSUED BY A COMPANY "Y" WHICH IS UNRELATED TO "X".

/SINCE THE