XN000022-1994-11-02 — Page 35

24

WEDNESDAY, NOVEMBER 2, 1994

J

IT IS DIFFICULT TO PROJECT THE GROWTH OF DEBT SECURITISATIONS AS IT IS DEPENDENT ON A NUMBER OF FACTORS, NOT LEAST THE INTERNAL PLANS OF THE COMPANIES THAT ORIGINATE SUCH ISSUES AND THE

INVESTORS.

DEMAND OF

(B)

THE MAIN TAKERS OF SUCH INSTRUMENTS ARE PROFESSIONAL MARKET PARTICIPANTS RATHER THAN RETAIL INVESTORS; THE ISSUES IN 1994 WERE ALL PRIVATELY PLACED. THE RISKS ASSOCIATED WITH SUCH ISSUES FROM AN INVESTOR'S POINT OF VIEW ARE SET OUT IN THE INFORMATION MEMORANDUM OR PROSPECTUS THAT IS SENT TO INVESTORS INTERESTED IN ACQUIRING THE PAPER. ALTHOUGH THERE HAVE NOT BEEN ANY ISSUES TO DATE THAT HAVE BEEN TARGETTED AT THE GENERAL PUBLIC IN HONG KONG, SUCH ISSUES WOULD ALSO HAVE TO COMPLY WITH PROVISIONS IN THE PROTECTION OF INVESTORS ORDINANCE PARTICULARLY IN RESPECT OF ADVERTISEMENTS AND ISSUE OF DOCUMENTS RELATING TO SUCH INVESTMENTS.

TRAINING OF CHINA WORKERS

FOLLOWING

IS A QUESTION BY THE HON HENRY TANG YING-YEN AND A WRITTEN REPLY BY THE ACTING SECRETARY FOR EDUCATION AND MANPOWER, MR LAM WOON-KWONG, IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY):

QUESTION: IT IS REPORTED THAT QUITE A NUMBER OF RESTAURANTS HAVE BEEN IMPORTING WORKERS FROM MAINLAND CHINA UNDER THE PRETENCE OF STAFF TRAINING. APART FROM RECEIVING PRACTICAL TRAINING, THESE TRAINEES ARE ALSO ASSIGNED TO PERFORM GENERAL DUTIES IN RESTAURANTS. THE WAGES THEY RECEIVE ARE EVEN LOWER THAN THOSE OF IMPORTED WORKERS, CONVERTING THEM TO BECOME CHEAP LABOUR AND THUS AFFECTING THE EMPLOYMENT OPPORTUNITY OF LOCAL WORKERS, ESPECIALLY THOSE WHO HAVE COMPLETED RETRAINING UNDER THE EMPLOYEES RETRAINING SCHEME. IS THE GOVERNMENT AWARE OF THE SITUATION AND IF

So, WILL THE GOVERNMENT INFORM THIS COUNCIL WHETHER :

(A) SUCH A TREND IS SPREADING AND HOW DO THE DEPARTMENTS CONCERNED MONITOR SUCH ACTIVITIES WHICH MAY BE IN

BREACH OF THE LAW;

(B) ANY EMPLOYER HAS BEEN WARNED OR PROSECUTED AS A RESULT

OF SUCH ACTIVITIES; AND

/(c) THE GOVERNMENT