WHAT a relief it is to learn that Mr Lee Ming Tee has found some highly influential friends to join him on the board of the Allied Group.
Mr Lee certainly needs friends as he has a consistent record of falling out with the people who run securities regulatory committees. The Allied Group, controlled by Mr Lee, is under investigation by a government-appointed inspector. The act of appointing an inspector is rarely taken by the government.
Mr Lee is a veteran of official enquiries. In 1985, Australia's National Companies and Securities Commission found him guilty of unacceptable conduct for bidding up shares in the Hooker Corp.
Amidst growing controversy in Australia, Mr Lee turned his attention to Hongkong where he found the regulatory authorities no less interested in his affairs. In 1987, the notedly lacklustre Securities and Exchange Commission stirred itself to accuse Mr Lee and two associates of breaching the takeover code when acquiring Allied Overseas Investment.
In between investigations, Mr Lee has been wheeling and dealing with impressive fervour. Some of his much-publicised deals have materialised, while others did not. But they certainly gave the impression of great activity.
Even the current government investigation has done nothing to quash Mr Lee's appetite for deal making. At the beginning of the month, there was another twist in the saga of Allied's sale of Santai, another Lee company under investigation. The ubiquitous Mr Li Ka-shing stepped in with an offer to buy the company in association with a mainland steelmaker.