THE Paramount Publishing Group 'deeply regrets' the failure to accurately disclose all the details relating to a controversial option waiver deal agreed on with former chief executive Albert Cheng Jinghan. It apologised for not revealing details of the deal in the second public announcement on the subject in as many days. The option agreement was with Mr Cheng that cost it $8 million. The lack of disclosure was blamed on an oversight. After quitting Paramount this summer, Mr Cheng was paid $8 million after waiving a put option on his 14.5 per cent stake in Paramount's public relations and publishing subsidiary, Capital Communications Corp. Paramount said it entered into a service agreement with Mr Cheng in February, and discussed the option with the stock exchange in August. Paramount company secretary Justin Leung said the company sought stock exchange confirmation that the option fell within rules 14.25 (i) of the listing rules. But shortly after initiating the discussions with the exchange, Mr Cheng resigned. Paramount then told the exchange on September 26 that the option was terminated and would have no effect. 'But the company had not mentioned the payment of a waiver consideration of $8 million to the stock exchange due to an oversight,' Mr Leung said. 'The company regrets the failure to accurately disclose all the details relating to the option in a timely manner to the stock exchange and the public as required by the rules,' he said. In addition, $11.41 million was also apparently owed to Mr Cheng and Chung Po-yang, who owned another 14.5 per cent tranche of Capital Communications.