THE Securities and Futures Commission (SFC) has defended the appointment as executive director of the daughter-in-law of a business tycoon with links to Beijing, saying there is no danger of a conflict of interest.
Laura Cha, now an assistant director, will become executive director from next February. The announcement of the appointment comes as the first mainland-based companies are being listed in Hongkong.
Her father-in-law, Cha Chi-ming, a member of the preliminary working committee for the Special Administrative Region Preparatory Committee and the now-defunct Basic Law Drafting Committee, has access to senior Chinese leaders.
He is also the controlling shareholder and chairman of three listed companies: China Dyeing Works International, Hongkong Resorts International and Mingly Corp.
Mrs Cha's husband Victor is the managing director of China Dyeing Works and a director of Hongkong Resorts International.
One anonymous shareholder has sent out letters expressing concern about the appointment.
But the SFC is adamant that the close connections to Beijing of Mrs Cha's family will not affect the integrity of the commission.
