XN000022-1994-10-06 — Page 40

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THURSDAY, OCTOBER 6, 1994.

RECEIVE

"SUBJECT TO THE APPROVAL OF THE FINANCE COMMITTEE, WE HOPE TO ESTABLISH THE TRUST IN NOVEMBER FOR THE CONSUMER COUNCIL TO THE FIRST APPLICATION IN DECEMBER 1994," HE SAID.

THE

FUNDING

APPLICATION WILL BE SUBMITTED TO THE COMMITTEE FOR CONSIDERATION IN EARLY NOVEMBER 1994.

FINANCE

0

TRIBUNAL INQUIRES INTO SHARES DEALING OF PIIL

THE INSIDER DEALING TRIBUNAL WHICH HAS BEEN TASKED TO INQUIRE INTO DEALINGS IN THE SHARES OF PUBLIC INTERNATIONAL INVESTMENTS LIMITED (PIIL) WILL BEGIN ITS PUBLIC SITTINGS

ON OCTOBER 31, A GOVERNMENT SPOKESMAN ANNOUNCED TODAY.

THE SPOKESMAN SAID THERE HAD BEEN TWO OTHER DEVELOPMENTS: TRIBUNAL'S TERMS OF REFERENCE HAD BEEN WIDENED, AND ASSOCIATIONS POTENTIAL WITNESSES HAD RESULTED IN CHANGES TO THE MEMBERSHIP OF TRIBUNAL.

THE

WITH THE

THE TRIBUNAL STARTED ITS WORK IN EARLY AUGUST. IT HAS MET ON A NUMBER OF OCCASIONS SINCE THEN AND HAS DIRECTED INQUIRIES TO BE CARRIED OUT AND EVIDENCE TO BE GATHERED AHEAD OF THE PUBLIC HEARINGS,

IN THE COURSE OF THAT EXERCISE, THE TRIBUNAL DECIDED TO REQUIRE MATERIAL EVIDENCE FROM A PARTY WITH WHOM ONE OF THE MEMBERS, MR DEREK MURPHY, IS WELL ACQUAINTED. MR MURPHY AND THE OTHER MEMBERS OF THE TRIBUNAL AGREED THAT HE SHOULD, FOR THAT REASON, RESIGN FROM APPOINTMENT.

THE

TO

REPLACE

MR

FOR SIMILAR

MR GUY HENDERSON WAS SUBSEQUENTLY APPOINTED MURPHY BUT HE HAS ALSO WITHDRAWN FROM THE TRIBUNAL REASONS.

TO

"PRECAUTIONS ARE ALWAYS TAKEN BEFORE AN APPOINTMENT ASCERTAIN WHETHER A PROSPECTIVE MEMBER OF THE TRIBUNAL IS ACQUAINTED OR CONNECTED WITH A WITNESS OR RELEVANT CORPORATION OR ADVISER.

"BECAUSE OF THE TRIBUNAL'S INVESTIGATIVE ROLE, HOWEVER, IT IS NOT ALWAYS POSSIBLE TO PREDICT SITUATIONS WHICH MAY CALL FOR WITHDRAWAL FROM THE CASE. THE TRIBUNAL'S INQUIRIES ARE AT AN ADVANCED STAGE AND THE NEED TO REPLACE MEMBERS HAS NOT CAUSED SIGNIFICANT DELAY, THE SPOKESMAN SAID.

#1

HAVING CONSIDERED A NUMBER OF PROSPECTIVE MEMBERS, THE FINANCIAL SECRETARY HAS RECENTLY APPOINTED MR DUFFY WONG CHUNG-NAM AS A NEW MEMBER FOR THE INQUIRY. MR WONG IS A PARTNER OF HO, WONG WONG. HE SPECIALISES IN CORPORATE AND COMMERCIAL LAW.

AND

THE SPOKESMAN SAID THE FINANCIAL SECRETARY HAD AMENDED THE TERMS OF REFERENCE FOR THE CASE.

ORIGINALLY, THE TRIBUNAL WAS REQUIRED TO INVESTIGATE WHETHER INSIDER DEALING IN PIIL SHARES TOOK PLACE IN DECEMBER 1992, BUT SINCE HEAVY TRADING IN PIIL SHARES STARTED IN LATE NOVEMBER OF THAT YEAR, IT HAS BEEN DECIDED TO ASK THE TRIBUNAL TO WIDEN THE TERMS OF REFERENCE ΤΟ ENABLE IT TO INQUIRE INTO WHETHER INSIDER DEALING TOOK PLACE IN NOVEMBER AND DECEMBER 1992.

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