Probe into Lehman Brothers complaint cases nearly complete
Investigations on more than 99 per cent of a total of 21,613 Lehman-Brothers-related complaint cases had been completed, the Monetary Authority said. Of those cases, it said 13,077 had been resolved by a settlement deal reached under the Securities and Futures Ordinance; 2,327 had been resolved through the enhanced procedures on handling complaints; 2,558 were closed because of insufficient evidence of misconduct; 2,790 (including minibond cases) were under disciplinary consideration; and in 672 cases a decision had yet to be made on if action should be taken. Investigation work is under way in 187 cases. Hong Kong investors lost billions of dollars on minibonds guaranteed by Lehman Brothers when the US investment bank went bankrupt in September 2008.
Half as many bankruptcies in April compared with a year ago
The number of personal bankruptcy petitions fell to 770 last month, down 17.65 per cent month on month and about half of the 1,490 recorded a year ago, Official Receiver's Office figures show. Last month's result brought the four-month total this year to 3,196, just over half of the 6,128 petitions in the same period of last year. Of the 770 bankruptcies, 53 were submitted by creditors, a 12-month low. The four-month tally for petitions presented by creditors was 233, slightly better than the 263 petitions recorded in the same period a year ago. The number of compulsory winding-up petitions for businesses also fell to 41 last month from 54 in March and from 83 a year ago. The number of compulsory winding-up petitions in the first four months of this year fell a fifth year on year to 196 from 250.
HK wine exporters get fast-track customs clearance in pilot scheme
Hong Kong companies trading, storing and transporting wine can register for a pilot scheme to speed up customs clearances at the border for stock entering the mainland via the city. The scheme allows registered exporters to enjoy pre-valuation of wine duty from June 15. This means Shenzhen customs officials can be asked to conduct duty valuations 10 working days before the shipment arrives so clearance can be done within one working day. The HK$585 registration is valid for two years.
BLINK - it's an installation you just can't miss
A 30-metre-high video installation will be on display during Hong Kong Art Week, to be held from May 25 to on May 30, co-sponsored by the Home Affairs Bureau and the Hong Kong International Art Fair. BLINK by British composer Simon Boswell will project slow-motion videos of media icons such as Michael Jackson, Kate Moss, David Beckham, Jackie Chan and Bruce Lee onto the facade of the Cultural Centre in Tsim Sha Tsui. Show times are from 8.15pm to 11pm, from Tuesday to Friday. It was first shown in London in 2002.