Hong Kong’s publicly funded universities should be open about offshore dealings, says education minister
At least three publicly funded universities set up firms in the British Virgin Islands
The education minister has called on publicly funded universities which do business through companies registered in secretive offshore tax havens to come clean and disclose the dealings.
Eddie Ng Hak-kim said the institutions had to be accountable to the public, but conceded there was little the government could do as their internal administration and financing were supposed to be independent.
He spelled out the government stance in Monday’s Legislative Council education panel meeting as he was bombarded by pan-democrat question reports that at least three publicly funded universities set up offshore firms in the British Virgin Islands.
Ng said: “All UGC-funded universities are set up in accordance with the relevant ordinances and they are meant to be independent and self-governing. They are autonomous in terms of internal administration and financial arrangements.”
“But they still have to be accountable to the public. And if there are items that are related to the funding of Research Grants Council, the council could ask an university for a report.”
The University Grants Committee advises the government on university funding. The Research Grants Council operates under the UGC to advise it on research and research funding affairs.