WITH just a handful of days left for lobbying, the Government's Mandatory Provident Fund (MPF) is running a serious risk of falling spectacularly at the first hurdle.
The Legislative Council is being asked on Friday to approve a $48 million package to set up the MPF Authority, which will be responsible for overseeing the implementation of the retirement scheme.
If the package is approved, the MPF will go ahead as planned. If Legco votes it down, it could spell the end for the highly controversial scheme.
While it is a politicised issue embracing factors such as the role of the newly elected Legco as well as transitional issues in the run up to 1997, there are also considerable consequences for the territory's position as an international financial centre - or so we are supposed to believe.
As the vote approaches, questions are being asked about the validity of the MPF scheme, to the extent that some - including a hard core of fund managers - are wondering whether the MPF is needed at all.
It all depends on the vote and indications are it is going to be a close one. Secretary for Financial Services Rafael Hui Si-yan said: 'I'm still short of votes. It's only a week away and as of now I do not have sufficient support. I am lobbying like crazy.' The Government has thrown its full weight behind the successful implementation of the scheme, and Mr Hui is desperate to avoid a public humiliation by Legco.
To this end, he said he had brought in Financial Secretary Donald Tsang to lobby for him, as well as a range of fellow senior Government figures.
