• 2011 (116)
  • 2010 (60)
  • Facebook Image
    Democratic and Reform Resources Centre, Powered by Joomla!
    28 Sep 2010 列印 E-mail

    Category

       Executive Council

    Issue

    • Public outcry on Lau’s possible conflict of interest

    News Content

    • According to SCMP, Executive Council member Lau Wong-fat in late February bought 24 flats at Yoho Midtown, via Carofaith Investment with Lau holding 40% control and China Tiger Capital Management, linked with Lau’s family. Three of the units were sold in confirmor transactions – resales before a transaction is completed - during March and July, bringing a HK$800,000 gain.
    • Financial Secretary John Tsang has announced a package of measures aiming at stabilizing the soaring property market since February this year. One of the measures announced in August include a ban of confirmor transactions, the public is concerned if it involves a potential conflict of interest.
    • Other than this, the list of deals yet to be disclosed to Exco includes houses in Yuen Long’s Palm Springs, bought in April under Carofaith.
    • His alleged failure to declare violates Exco’s rule that states any change in a member’s property ownership must be reported within 14 days.
    • Lau, who was now in Taiwan but due to return tomorrow, said he could only provide an explanation to the public after detailed checking when he was back in Hong Kong.

    Questions

    • Absent-mindedness or blaming others for the mistakes is just an excuse. As a key government advisor, Lau holds a greater responsibility to the public, and thus is bound by a higher moral standard.
    • When Lau was appointed as executive councilor last year, he was named as the richest person in the Exco. His deep connection with the business sector has sparked public outcry. Commentators had asked if Lau had to be absent in the meetings on infrastructure projects in order to provide possible conflict of interest. It is yet to see how suggested measures had been taken. Lau’s alleged failure to declare his property deals may provide another evidences that public worries are well founded.
    • The government has been taking a package of measures to stabilize the soaring property market. What Lau had done is not in line with government policies.