Cheng files late amendment in High Court

BUSINESSMAN William Cheng Kai-man made a late amendment yesterday to his application for judicial review in the High Court of sanctions placed on him by the Takeovers and Mergers Panel.

Gerard McCoy, representing Mr Cheng, said the argument alleging that Stephen Clark, of merchant bank Anglo-Chinese Corporate Finance, had initiated the panel's inquiry into Mr Cheng's purchase of shares in Shun Ho Resources Holdings was ''factually wrong''.

He sought to amend the argument by deleting the alleged role of initiator, but he told the court that Mr Clark was still a complainant of the inquiry.

He said the amendment was proposed after taking into account the evidence given by Mark Dickens, a senior officer in the corporate finance division of the Securities and Futures Commission (SFC), who was involved in the investigations into Shun Ho Resources.

Mr Dickens, under oath, said the only reason for the commencement of the inquiry was a letter of complaint from solicitors Lu, Lai and Li, and was not related to a letter Mr Clark wrote to the SFC on April 9, 1991.

Mr McCoy said the amendment would make the case clearer, but John Griffiths, for the panel, objected to the amendment, adding that it was late and represented a switch of the applicant's strategy.

The amendment was, however, granted by the judge.