The findings of the Peregrine Investment Holdings probe are unlikely to be released before the end of the year, almost three years after the investment bank's spectacular collapse. This has reinforced speculation the Government is waiting for the outcome of the controversial Allied Group case before taking its next step. Two former executives of the Allied Group property empire were freed in July when a judge ruled the Government had abused its powers and prejudiced their trial. In particular, publication of a financial inspector's report was deemed to have prejudiced the trial of former group chairman Lee Ming Tee and ex-finance director Ronald Tse Chu-fai. The Government had published a 688-page version of the inspector's report, contrary to legal advice, in response to mounting concerns of legislators who were pushing to have the report made public. Fears of a similar situation in the case of the Peregrine report are likely to be a factor in the Government's decision to gag the findings of financial inspector Richard Farrant. However, the Government is still vague on the release of the report. It said in July that it was 'not in the public interest' to reveal the contents but did not specify why. Apparently this situation has not changed, with the Financial Services Bureau stating only that 'we are still reviewing the matter with a view to releasing the report in full as early as possible'. The bureau declined to answer specific questions - namely, to put a more specific time frame on the release. However, sources said it was unlikely the report would be released before the end of the year. The probe into Hong Kong's largest corporate collapse was funded by taxpayers to the tune of HK$10 million. It was expected to provide some answers as to why Peregrine - once Asia's largest independent investment bank - collapsed. In particular, attention was expected to be given to the US$265 million loan to Indonesian taxi firm Steady Safe. Next month will be the third anniversary of the collapse. 'They will have to release the report sooner or later,' legislator Eric Li Ka-cheung said. If the Government intends to act on the contents of the report, 'they at least owe us an explanation, what it intends to do in a broad direction,' Mr Li said. 'The amount of public funds involved perhaps is not that great, but nevertheless it's still public money and the government should account for it at some point in time.' Sanctioning the use of public funds for the report, then companies judge Mrs Justice Doreen Le Pichon told the court: 'Concerns as to the failure of Peregrine should not be left unanswered. 'The shareholders are entitled to know as well as the public exactly what went wrong.' Mr Li echoed this, saying: 'A report like this will not easily be forgotten by the community.'