Cheung denies seeking cash aid

The chairman of the failed Hong Kong Mercantile Exchange Barry Cheung Chun-yuen denied yesterday that he had sought help from a triad-linked businessman and a developer to resolve his company's financial crisis.

Cheung's denial came after Next Magazine reported yesterday that Cheung had asked controversial businessman Kwok Wing-hung, nicknamed "Shanghai Boy", for HK$20 million. Kwok was reported to have links with triad activities.

The report added that New World Development chairman Henry Cheng Kar-shun was also approached by Cheung, who wanted to sell the exchange's shares to Cheng.

Cheung denied having made any such approaches. "They never happened," he said in a statement.

Kwok said in a statement last night that he did not know Cheung and had no financial relationship with him or his exchange, according to reports.

The magazine also interviewed Cheung's mother-in-law, who is said to be a founder of Far East Exchange, one of the four exchanges that merged to become the Hong Kong stock exchange.