The Government is being urged to appoint a Hong Kong professional as an independent inspector to investigate the collapse of Peregrine Investment Holdings.
Hong Kong Society of Accountants corporate governance committee chairman Edward Chow Kwong-fai yesterday said the appointment of a non-Hong Kong-based expert would damage the SAR's image as a mature international financial centre capable of regulation and swift enforcement.
The Government on Friday announced it would apply to the Court of First Instance for approval to appoint an independent inspector to investigate Peregrine's affairs.
The investment bank crashed in January last year under the weight of the regional financial crisis, aggravated by a US$265 million loan to Indonesian taxi firm Steady Safe.
The investigation is expected to focus on disclosure, directors' responsibilities and the investment bank's international control system.
The Government did not identify the inspector, but it was widely believed the former chief operating officer of Britain's Financial Services Authority, Richard Farrant, would be hired.
Mr Chow yesterday urged the Government to seriously consider the appointment before they made a final decision.
