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Ben Kwok

What lee says counts - and what tung says is true, too

Like nature, it appears that Singapore's patriarch, Lee Kuan Yew, abhors a vacuum.

With Hong Kong's political transition only just under way, Lai See understands that Mr Lee has his eye on the SAR. Citibank, we learned yesterday, has invited the Lion City's  founding father to come to Hong Kong in about two weeks' time to address a select group of customers.

Mr Lee's topic remains a closely held secret. But then again,  what is said matters rather less than who is saying it.

It all reminds us of something  Tung Chee-hwa once said of Mr Lee's successor, Goh Chok Tong.

'[Goh] has obviously been very successful as prime minister of Singapore,' Mr Tung said. 'He was a businessman before - a shipping man, in fact. Obviously there's a great deal I can learn from him. I hope I will be half as successful as him.'

As it happened, Mr Tung was bang on. Mr Goh served for 14 years, and Mr Tung about half that.

All the fun as rivals throw balls

Don't let all that talk of a 'special relationship' across the Atlantic fool you. There's  plenty of rivalry yet between the British and their American cousins.

Hong Kong had a taste of it this weekend, as the British and American chambers of commerce threw rival balls. His readers always in mind, Lai See dispatched a spy to each event, sending a Bostonian to the Brit bash on Friday night and a Bristol boy to the American affair on Saturday.

Our American agent, codename 'Nathan Hale', filed this report:

'The Brits' determination to romanticise miserable public school educations and their fondness for spankings were both on display on Saturday night, as the chamber chose a 'Harry Potter' theme for the ball.

'The highlight was a troupe of leggy dancers in skimpy school uniforms, who for the grand finale stripped to their underwear. The word 'BAD' was emblazoned across their panty bottoms.

'Sadly there was no such eye-candy for the many attractive women in the audience paired with pasty, overweight dates. British men don't age particularly well.

'An otherwise first-rate piss-up also had a whiff of financial scandal about it. One table cornered the event's lottery tickets and walked away with most of the lucky-draw prizes.'

And this from our English spy, codename 'Alistair Cooke':

'It was bloody boring - strictly ballroom. Any knees-up that kicks off with the American national anthem is doomed.'

In effusive praise of tung

Some people speak well of the dead in the hope the dead will speak well of them. Others think doing so is a waste of breath.

With this in mind, Lai See has been  poring over testimonials to Tung Chee-hwa.

Hongkong & Shanghai Banking Corporation chairman David Eldon, who is himself on the verge of retirement, effusively praised Mr Tung as 'a man of integrity' worthy of the community's 'honour and respect'.

Mr Eldon's designated successor, current Hang Seng Bank chief executive Vincent Cheng, took a more clinical approach: 'Given its sound foundation and the sustained recovery, Hong Kong's economy will not be affected by the change of the  SAR chief executive. We hope that all sectors of the Hong Kong community can work together to further develop the territory as Asia's World City and an international financial centre.' Some might remember that Mr Cheng, then general manager at HSBC, served in Chris Patten's Executive Council in 1995-97 but did not stay on after Mr Tung took over.

Karrie's tea wins company

Do investors prefer caviar or a simple cup of tea? At Karrie International they are betting that ostentatious displays of frugality will be rewarded.

Long overlooked by fund managers and journalists alike, the decidedly unsexy computer casing manufacturer found salvation through an embrace of transparency, including voluntary quarterly reporting and  'tea parties' at which investors can sup with managers. But as Karrie chief financial officer Alfred Chow Kwok-hung warns would-be attendees, don't expect any caviar or abalone.

It appears to be catching on. Mr Chow recently told a group of  students at Baptist University that at least two senior executives at other listed companies - one of them a chairman - have signed up for Karrie's third 'investor tea party', scheduled for next month.

Gold in them esprit mines

Eureka! Esprit deputy chairman John Poon Cho-ming and chief operating officer Thomas Grote have struck gold. Taking advantage  of their company's share surge to a historic high of  $56.50, Mr Poon sold 2.25 million shares for  $127.12 million while Mr Grote off-loaded 550,000 shares for  $31.07 million.

And there's more gold in them thar hills for Mr Poon and Mr Grote to mine. Both still have four million share options that they can exercise for as low as  $14.60.



Lai see