Macau Graft Investigation Continues
Written on January 26, 2007 by admin
Honesty Treasure International (0600), which sells finished leather to garment makers, acknowledged Thursday that chairman Pedro Chiang and executive director Miguel Wu Ka-i are being investigated over allegations of bribery by the Commission Against Corruption of Macau.
Wu informed the board of directors that he and Chiang are the people surnamed “Wu” and “Lam” cited in media reports recently, the company said in a statement. Chiang (also referred to as Lam) is believed to be a key person, Macau’s CAC said on its Web site Saturday, and is thought to have fled Macau to a Southeast Asian country via China last month.
Chiang said in the statement Thursday that he was on business trips in Southeast Asia and understood that the CAC of Macau had issued an arrest warrant for him.
He denied rumors he had been arrested in the Philippines.
The company said the investigation is related to Wu and Chiang, but not any other member of the group or its properties.
Honesty Treasure shares fell to 14 HK cents Thursday, down 7.24 percent.
After a month-long probe into bribery allegations against Macau’s former secretary for transport and public works Ao Man-long, the commission said on its Web site: “A number of businessmen in Macau, such as property developers surnamed Lam, Wu and Tang, were suspected of having offered huge benefits to Ao in land-swap deals and the construction of high-rise commercial and residential premises between 2003 and 2006.”
Ao, in return, allegedly approved some of Chiang’s construction projects in 2006 after Chiang agreed to transfer land to a company owned by Ao.
Honesty Treasure said that although Chiang and Wu are being investigated, group operations were not affected. Its property interests in Macau accounted for more than 92 percent of its unaudited total assets as at June 30, 2006.
Source | The Standard
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