IT'S the most expensive investigation in stock market history. So far the Government has spent $41 million prying into the affairs of several companies connected to tycoon Mr Lee Ming-tee's Allied Group.
Yet, as the investigation moves into its ninth month, stock market analysts are becoming increasingly sceptical that it will result in anything more than wrist-slapping.
Financial Secretary Mr Hamish Macleod appointed Coopers and Lybrand partner Mr Nicholas Allen to head the investigation last August.
His report has been delayed as the scope of the inquiry has been expanded to include a total of 22 companies related to the group, though the signs are that it could be ready late next month.
Mr Tam Wing-pong, deputy secretary of the Financial Service's Branch, confirmed yesterday that it was close to completion.
The investigation has been a great catalyst. At tomorrow's annual meeting Allied chief executive Mr Brian O'Connor is expected to announce the streamlining of the group.
Out of its eight subsidiaries, the Allied Group has disposed of four since the start of the inquiry: Asia Securities, Tung Wing Steel, Guardforce, and Paramount Printing. It has also sold down its shareholding in Santai.
