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South China Sea

In Tan's case, crime does pay

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SCMP Reporter

THE full force of the legal system landed feather light on George Tan Soon-gin's shoulders on Friday when he was sentenced for his part in the largest corporate collapse in Hong Kong's history.

The $1.8 billion Carrian scandal helped to perpetuate Hong Kong's image as a haven for financial cowboys and has undermined international confidence in the territory to this day.

For this, Mr Tan was sentenced to three years, marginally less than a petty thief might expect from the territory's courts.

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More than that, Mr Tan avoided the $200 million costs incurred during the 13 years which it took to bring him to what must laughingly be called justice.

That is $200 million of taxpayers money down the drain - $66.6 million for every year of the sentence, or $18,000 a day. It would have been cheaper to put Mr Tan up in The Peninsula.

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Perhaps the most worrying aspect of the sentencing is as follows.

Mr Tan has been banned for five years from acting as a company director. So, come 2001, the boardroom of a locally-listed property company may once again be suffused with the aroma of his ever-present Davidoff cigar.

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