Exco's Lau tells public to be fair
Executive Councillor Lau Wong-fat yesterday called on the public to be fair to him and stop 'trampling' on his reputation. He was speaking after being accused of having a conflict of interest by failing to declare some property transactions.
A Chinese-language newspaper reported this week that he had not declared to Exco the sale of three houses in Yuen Long and that he bought 24 flats in the area in February and sold three of them before the transactions were completed, making a profit of HK$800,000 in the process.
'People have to be fair. It is unreasonable to keep trampling on a person,' Lau said in Taiwan before returning to Hong Kong last night. 'Where is the evidence that I have skimmed a profit after hearing insider information from Exco?'
Lau, who is also a legislator and leader of the Heung Yee Kuk, which represents rural interests, was in Taiwan on a district council visit.
Last night he said he would explain whether he failed to make a declaration or whether the delay was an oversight once he returns to his office today and checks the details. 'I will give the public a thorough explanation,' Wong said. 'But there's no issue of me deliberately lying to the public.'
A newspaper report on Monday said Lau failed to disclose to Exco that he bought three houses in Yuen Long's Palm Springs through Carofaith Investment, a company in which he holds a 40 per cent stake. The omission contravenes Exco's rule that any change in a member's property ownership must be reported within 14 days.
Critics also raised another potential conflict of interest over the purchase by companies linked to Lau of 24 flats at Yoho Midtown, also in Yuen Long, in February. A profit of HK$800,000 was made after three of the units were sold in confirmor transactions - resales before a transaction is completed - in March and July.
The government has in recent months introduced policies to clamp down on confirmor transactions as a means to cool the overheated property market.
The Exco secretariat is collecting information about the matter.
A government official said when the policies were decided, Exco members were required to declare any potential or perceived conflicts of interest. These requirements were closely observed, the official said.
