A flood of tears in equal shares | South China Morning Post
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  • Mar 30, 2015
  • Updated: 10:28am

A flood of tears in equal shares

PUBLISHED : Wednesday, 03 July, 1996, 12:00am
UPDATED : Wednesday, 03 July, 1996, 12:00am
 

Urban Councillors met yesterday to take stock of the Kwong On Bank shares scandal - but it all ended in tears.


At first, Urbco and Kwong On chairman Dr Ronald Leung Ding-bong raised his voice as he accused the media of irresponsible and sensational reporting of the case.


But later, with handkerchief raised, maybe he saw it as just a crying shame.


Dr Leung was particularly upset by an article in the Chinese press that accused him of running the council like a club, citing his buying of sports shoes for members and organising Urbco barbecues.


Briefly holding back the tears, he said: 'It is my duty as chairman to promote good ties among councillors from different political parties.


'I did not bribe anyone to become chairman.' The row broke last week when it was revealed that councillors from several parties had avoided the normal channels to apply for shares in the hope of being guaranteed all they asked for.


As chairman of the council and the bank, Dr Leung has come under fire, although there is no suggestion he offered shares to members.


Yesterday he denied doing councillors any favours.


'When councillors asked for information and the listing prospectus, I said they could collect them from the secretary,' he explained.


'My fault lies in placing the prospectus in the council . . . but is it illegal?' There were tears too from Councillor Christina Ting Yuk-chee, who helped to arrange the allocations.


She denied obtaining the shares from Dr Leung, saying they came from a brokerage.


'I never considered my public office would influence it . . . or that the public would doubt members' moral conduct,' she said.


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