Li dismisses fears for firm as court hears Lau challenge

Top News | Gary Poon May 16, 2019
<p>Victor Li Tzar-kuoi, son of tycoon Li Ka-shing and chairman of CK Hutchison Group, says its business would not be affected by the government&#39;s proposed amendments on the Fugitive Offenders Ordinance.</p><p>When a minority shareholder asked whether the group would withdraw its business in Hong Kong and invest more overseas if the amendment was passed in the Legislative Council, Li said: &quot;We are law-abiding citizens in every country - not fugitives.&quot;</p><p>He emphasized the ordinance has no direct relationship with the company&#39;s business.</p><p>Li had refused to answer a similar question in a press conference in March.</p><p>According to the 2018 annual report, Europe is the group&#39;s largest revenue source, with 47 percent, while the revenue in Hong Kong is only 10 percent, down from 11 percent in 2017.</p><p>Meanwhile, the High Court will hear the judicial review applied by fugitive tycoon Joseph Lau Luen-hung next month.</p><p>According to the document, Lau points out that the current ordinance bans Hong Kong from handing over fugitives to the mainland, embodying &quot;one-country, two systems&quot; and ensures Hong Kong people would fall under mainland law. Lau said he chose to marry Kimbee Chan Hoi-wan, with whom he had three children in Hong Kong, as he believes the local law system would protect him.</p><p>Lau, the former chairman of Chinese Estates Holdings, and another Hong Kong businessman, Steven Lo Kit-sing, were convicted in 2014 by the Macau Court of First Instance for bribery and money laundering.</p><p>Lau was sentenced to five years in prison, while Lo got three months in jail.</p><p>But the duo never served their sentences, as they have remained in Hong Kong, which has no extradition arrangement with Macau.</p><p>Court sentences stay valid for 15 years in Macau, meaning Lau and Lo would be jailed if they either entered Macau or were extradited there before 2029.</p><p>Meanwhile, the president of Hong Kong Institute of Certified Public Accountants, Patrick Law Fu-yuen, said CPAs are well known for their strict discipline, and he is confident members will abide by the laws of different regions.</p><p></p>

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May 2019