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Finance chief's role under scrutiny

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Financial Secretary Antony Leung Kam-chung's role in the penny-stocks fiasco is likely to come under the spotlight in a politically charged Legislative Council panel meeting this afternoon.

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After Secretary for Financial Services and Treasury Frederick Ma Si-hang was forced into an embarrassing apology over the affair, some lawmakers have vowed to question Mr Leung about his role and responsibilities.

Lee Cheuk-yan of The Frontier said he would press Mr Leung and Mr Ma to give their own account of their responsibilities.

'Mr Leung cannot hide behind the report. As the official overseeing the SAR's financial affairs, Mr Leung should say to what extent he finds himself responsible for this saga,' he said.

Members of the Legco Financial Affairs Panel are to discuss a report which has cleared key officials of blame for the stock market crash, fuelled by panic dumping of penny stocks in July.

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The $10.9 billion slump was triggered by a proposal by Hong Kong Exchanges and Clearing to delist low-value stocks.

Mr Ma is understood to have prepared an opening statement for today's meeting, in which he will clarify the perception that he had sought to conceal whether he had been told details of the delisting proposal.

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