Urban councillor denies wrongdoing in share deal

PUBLISHED : Thursday, 27 June, 1996, 12:00am
UPDATED : Thursday, 27 June, 1996, 12:00am
 

Christina Ting Yuk-chu, the urban councillor at the centre of a controversy over the allocation of shares in newly listed Kwong On Bank, dismisses allegations of preferential treatment given to certain councillors.


Facing a press conference last night, Ms Ting said there was no collusion among urban councillors and that it was 'unreasonable' for the public to suspect her of wrongdoing.


'Urban councillors are entitled to make their personal investment,' she maintained.


She came under the spotlight after several councillors claimed they had sought to buy shares through her in the bank, which is chaired by Ronald Leung Ding-bong, who is also chairman of the Urban Council.


The bank made its stock exchange debut on Monday amid allegations - subsequently denied - that Mr Leung had assisted fellow councillors in procuring the bank's shares.


Ms Ting, accompanied by her legal adviser, at first declined to reveal how many shares in the bank she had bought but later admitted having bought 200,000 to 300,000 shares for herself only.


She said the shares in question included several 10,000 lots which she successfully bought on behalf of councillors through a brokerage firm.


She said she had not notified Mr Leung about the pooling of money among some councillors for the purchase of shares.


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