TNAG-1857-FCO40-2632-Legislative-Council-of-Hong-Kong-memoranda-and-minutes-of-me-1989 — Page 64

HONG KONG LEGISLATIVE COUNCIL

香港立法局

12 July 1989

一九八九年七月十二日

12

SECRETARY FOR ADMINISTRATIVE SERVICES AND INFORMATION: Sir, the authorities involved in such investigations do not maintain statistics in respect of fraud with particular reference to immigration statistics. However, we do have the total number of cases involving fraud.

MR. CHUNG: Sir, concerning advice given on investment strategy by immigration consultants, problems seemed to have arisen in the past when immigration scheme funds were hawked around in Hong Kong over what were styled public offerings and private placements. The former need a formal prospectus, while the latter do not. Would the Administration clarify what public offerings are and what private placements are?

SECRETARY FOR ADMINISTRATIVE SERVICES AND INFORMATION: Sir, if I may defer to the Financial Secretary?

FINANCIAL SECRETARY: Sir, this is a complex issue and I think it depends on the circumstances of any particular case. But essentially a private offering would be made to a very limited number of people and would not be available for them to pass on to others. The advice that has recently been given by the Securities and Futures Commission, who have been drawing attention to the fact that it is an offence to issue an advertisement for a public offering without the particular advertisement having been cleared by them, is that if any person is in any doubt, he should take legal advice. I do not think that it is easy for a layman to identify which type of offer would break the law. So legal advice is recommended in all cases so that he can then determine whether permission is required or not.

Invitation to the Prime Minister to visit Hong Kong

2. MRS. CHOW asked: Will the Government extend an invitation to the Prime Minister to visit Hong Kong during her planned visit to Kuala Lumpur in October to attend the Commonwealth Parliamentary Heads Meetings, so that she can see at first hand the mood in Hong Kong, and demonstrate to Hong Kong her continuing commitment to this territory, bearing in mind her last visit to Hong Kong was almost five years ago for the signing of the Sino-British Joint Declaration?