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WTCG / Tomson Pacific Report

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WTCG / Tomson Pacific Report TOMSON PACIFIC LIMITED WORLD TRADE CENTRE GROUP LIMITED Investigation under section 143(1)(c) of the Companies Ordinance, Chapter 32 of the Laws of Hong Kong Report by John Robert Lees, Inspector appointed by the Financial Secretary Table of Contents Page Number VOLUME I LIST OF PARTIES NAMED IN REPORT AND ABBREVIATIONS USED WHERE APPLICABLE ...................................xviii LISTING OF APPENDICES CONTAINED WITHIN THIS REPORT ........ xliv CHAPTER 1 - INTRODUCTION TO APPOINTMENT AND ADMINISTRATIVE MATTERS ............................................. 1 APPOINTMENT AND TERMS OF REFERENCE ................... 2 SUMMARY OF THE INVESTIGATION PROCESS .................. 5 Initial examination of books, records, documents and other information.................................... 6 Interim Report....................................... 7 Oral examinations .................................... 8 Drafting of report and provisional conclusions.................. 10 Consideration of submissions ............................. 11 Structure of the report.................................. 11 Evidence .......................................... 13 Burden of proof and standard of evidence..................... 14 ABBREVIATIONS AND GLOSSARY OF TERMS USED IN THIS REPORT .......................................... 15 Abbreviations ....................................... 15 Control ........................................... 16 Qualified Privilege.................................... 18 Submissions ........................................ 18 Currency .......................................... 19 THE REPORT ........................................... 19 CHAPTER 2 - SUMMARY OF FINDINGS ............................ 20 INTRODUCTION AND OVERVIEW............................ 20 Quality of the Evidence Received .......................... 23 SUMMARY OF THE SIX PRINCIPAL TRANSACTIONS INVESTIGATED..................................... 24 The acquisition of effective control of WTCG by Tomson Pacific ..... 24 The acquisition of the World Trade Centre Building .............. 27 The acquisition of 145,000,000 shares in Tian Teck Land Limited ..... 28 The acquisition of land in Guangzhou, China ................... 30 The acquisition of a 50% interest in Far East Biscuit (Hong Kong) Limited ...................................... 32 The acquisition of three properties in the Mandarin Plaza, New York . 32 i OTHER FINDINGS........................................ 34 Extensions of my appointment ............................ 34 Investigation of Ancillary Transactions and Matters .............. 36 CONCLUSION........................................... 39 CHAPTER 3 - LEGAL AND REGULATORY MATTERS .................. 42 INTRODUCTION......................................... 42 CRIMINAL MISCONDUCT .................................. 43 Offences under the Theft Ordinance ......................... 43 Offences under the Prevention of Bribery Ordinance .............. 44 Offences under the Crimes Ordinance ........................ 45 Offences under the Companies Ordinance ..................... 45 Offences under the Securities (Disclosure of Interests) Ordinance ...... 47 Offences under the Securities Ordinance ...................... 48 Offences under the Inland Revenue Ordinance .................. 48 Offences at Common Law ............................... 49 CIVIL MISCONDUCT ...................................... 49 REGULATORY MATTERS .................................. 51 CHAPTER 4 - INTRODUCTION TO THE PRINCIPAL INDIVIDUALS AND COMPANIES INVOLVED IN THE INVESTIGATION............... 55 INTRODUCTION TO PRINCIPAL COMPANIES ................... 56 TOMSON PACIFIC LIMITED............................ 56 Principal Activities .................................... 57 Directors .......................................... 58 Shareholders........................................ 60 Auditors........................................... 61 WORLD TRADE CENTRE GROUP LIMITED ................ 62 Principal Activities .................................... 63 Directors .......................................... 64 Change of Ownership of WTCG........................... 65 Change of company name ............................... 65 Auditors........................................... 66 RIVERA (HOLDINGS) LIMITED ......................... 66 Directors .......................................... 67 Major Assets........................................ 68 Shareholders........................................ 68 Investigation into the affairs of Rivera ....................... 69 SHUN TAK HOLDINGS LIMITED ........................ 70 INTRODUCTION TO PRINCIPAL INDIVIDUALS .................. 71 MR DAVID TONG ................................... 71 Directorships........................................ 72 Mr David Tong's relationship with Dr Stanley Ho ............... 73 Mr David Tong's role during 1990/1991 ...................... 75 Mr David Tong's fitness to be a company director ............... 78 Mr David Tong's submission ............................. 78 ii MR JACKSON CHANG................................ 83 Mr David Tong's view of Mr Jackson Chang's role .............. 84 Mr Jackson Chang's failure to give evidence................... 85 DR STANLEY HO ................................... 85 MR DAVID CHIU.................................... 90 MR GEORGE TAN................................... 92 MR ARTHUR LAI.................................... 93 MADAM HSU JYE................................... 94 MR PETER MOU .................................... 96 MR RAYMOND LAI.................................. 97 MR PATRICK HUEN ................................. 98 MR AMBROSE SO ................................... 99 MR SUN TAO TSUN.................................. 99 MR SPANCER LAU ................................. 100 MR EDDIE LO..................................... 101 Relationship with Tomson Pacific / WTCG and associated companies. ................................... 102 MR HSU SUN ..................................... 102 MADAM EVA HUI.................................. 104 LEGAL AND REGULATORY MATTERS ....................... 105 CHAPTER 5 - THE SALE OF 66% OF THE ISSUED SHARE CAPITAL OF WORLD TRADE CENTRE GROUP LIMITED ................... 106 INTRODUCTION........................................ 106 THE PROPOSAL ........................................ 108 STRUCTURING THE SHARE SALE AND SHARE PLACEMENT....... 113 The responsibilities of Chintung .......................... 119 THE PLACEES ......................................... 121 CHAPTER 6 - THE PLACEES ................................... 128 INTRODUCTION........................................ 131 Three placees allegedly introduced by Dr Stanley Ho ............ 132 Chiu Ming Hung Syndicate ............................. 133 Share swaps ....................................... 133 Placements to companies associated with Mr David Chiu .......... 133 Placement to Hauxton Limited and Mandarin Development Limited . 134 Remaining 7 placees .................................. 134 THREE PLACEES ALLEGEDLY INTRODUCED BY DR STANLEY HO . 135 Mr Sun Tao Tsun's submission........................... 140 Further Evidence from Mr David Tong regarding STDM .......... 141 Mr David Tong's Submission ............................ 143 ONSHINE INVESTMENT LIMITED - 37,375,000 WTCG SHARES ...... 145 The acquisition of shares in the placement by Onshine as agent for Killenny Limited ............................... 145 iii The acquisition of Killenny by interests associated with Mr Sun Tao Tsun ....................................... 153 Subsequent dealings in Killenny's WTCG shares ............... 161 CONCLUSION.......................................... 162 COMMERCIAL SUCCESS LIMITED - 37,375,000 WTCG SHARES ...... 165 The acquisition of the shares in the placement by Commercial Success . 165 The Operation of Commercial Success by Mr Raymond Ling ....... 170 Dividends received by Commercial Success ................... 171 The acquisition of Commercial Success by interests associated with Mr Sun Tao Tsun ................................. 172 The subsequent dealing by Commercial Success with its WTCG shares ...................................... 175 CONCLUSION.......................................... 177 PIERSON ASIA LTD - 74,750,000 WTCG SHARES ................. 180 The acquisition of shares in the placement by Pierson Asia as agent for La Fayette.................................... 180 The acquisition of La Fayette by interests associated with Mr Sun Tao Tsun ....................................... 185 Delivery of the records of La Fayette....................... 186 CONCLUSION.......................................... 187 CHIU MING HUNG SYNDICATE - 72,000,000 WTCG SHARES ........ 189 The acquisition of the placement shares by the Chiu Ming Hung Syndicate .................................... 189 The sale of the placement shares by the Chiu Ming Hung Syndicate . 193 Method of compensation ............................... 193 Acquisition of 30,000,000 shares by Mr Hsu Sun as nominee for Mr David Tong................................... 194 Acquisition of 30,000,000 shares by Martra Inc. ............... 197 Cash compensation to Mr Ma De-Ling for 12,000,000 shares ....... 199 Disbursement of the proceeds from the sale of the 60,000,000 WTCG shares by the Chiu Ming Hung Syndicate ............... 200 Withdrawal of shares from Mr Hsu Sun's account ............... 200 Withdrawal of shares from Martra's account .................. 200 Sale by Mr Chiu Ming Hung of 35,000,000 Great Eagle Holdings Limited shares................................
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