Proper papers

PUBLISHED : Sunday, 12 March, 1995, 12:00am
UPDATED : Sunday, 12 March, 1995, 12:00am

I refer to your Insider column (Sunday Money, February 5) which dealt with two companies: Cambodia International Airlines (CIA) and Vietnam Airlines.

For CIA, it was pointed out that 'despite running an office in Hong Kong for over a year, CIA never obtained its chop of officialdom'.

Vietnam Airlines was described as 'in the same situation and, like CIA, has still to disclose audited accounts as required by the ordinance'.

At the outset, I would stress that not all companies incorporated or registered in Hong Kong are required to submit annual audited accounts. Companies falling within this category are private companies incorporated in Hong Kong and overseas companies registered in Hong Kong which have been granted exemption under the Companies Ordinance.

It is believed that the first company mentioned in the article is Cambodia International Airlines (K.O.C.) Limited.

This is a private company incorporated in Hong Kong on December 1, 1989. It has certainly obtained 'its chop of officialdom'; as a private company, it is not obliged to file audited accounts with the Companies Registry.

As regards 'Vietnam Airlines', the article may well be referring to an overseas company called Hang Khong Quo'c Gia Vie.T Nam. This company was registered under the Companies Ordinance on October 4, 1994, and carried on business under the trade name 'Vietnam Airlines'.

It has also been granted exemption from the requirement to submit annual audited accounts. So it is again misleading to refer to 'Vietnam Airlines' as being a company which has been run without 'its chop of officialdom' and to say that it has failed to disclose audited accounts as required by the Companies Ordinance.

G. W. E. JONES Registrar of Companies