Call for Monetary Authority chief to quit lacks numbers in Legco

A call for Monetary Authority chief Joseph Yam Chi-kwong to step down is likely to fail today because of a lack of support from legislators.

Wong Yuk-man, chairman of the League of Social Democrats, is urging Mr Yam to quit over the fact he received a 15 per cent pay rise even though the Exchange Fund recorded an investment loss, and that 'such behaviour should be subject to strong condemnation'.

He will make the call today in the Legislative Council as an amendment to a non-binding motion by the league's Albert Chan Wai-yip.

The Democratic Party and the Civic Party will vote against Mr Wong's amendment, saying that backing such a call was inconsistent with the legislature's inquiry into Lehman Brothers-linked derivatives. On Friday, Mr Yam will face the Legco subcommittee again to study issues arising from the minibonds saga.

Ronny Tong Ka-wah of the Civic Party said yesterday that supporting the league's amendment might affect the legislature's credibility.

'We are still investigating the Lehman Brothers issue and he [Mr Yam] is at the centre of the row. [If we ask him to resign] the public may misunderstand and think we are ... making a judgment on him before the end of the hearings,' Mr Tong said.