Ronnie Chan shares his simple solution to longer blackouts
Contrarian Ronnie Chan Chichung (above) threw down the gauntlet yesterday to his tycoon peers who oppose extending the blackout period during which directors are banned from trading in their companies' shares.
In doing so he raised the alarming prospect of Beijing being involved in the highly politicised but local issue.
One of the very few property tycoons who vocally support extending the rule, Mr Chan addressed the issue as he chaired Hang Lung Group's interim results announcement. He said the opponents were no longer being rational in their arguments, then went off at a tangent himself to claim: 'They act as if Beijing is an idiot, overstepping their authority in making their case. There are many smart Beijing people, and they won't take what is being said at face value.'
Mr Chan advised listed companies of a simple solution: 'Just turn in your financial reports early.'
He dismissed the argument that there were not enough auditors to prepare the financial reports. New York and London accounting firms do not seem to have problems, he said, adding local firms could easily tackle the problem by hiring more people.
