Lau Wong-fat says property deals will be accounted for
New Territories power broker Lau Wong-fat is preparing to offer the public a full explanation over allegations that he failed to report a series of property deals under conflict of interest rules.
As the influential head of the Heung Yee Kuk moved to fend off accusations of impropriety over his property deals in front of the Executive Council, he again blamed his staff for any breaches of the rules. The kuk, of which he is the chairman, is an advisory body representing the indigenous inhabitants of the New Territories.
'I am preparing the information, and once I have put everything into good order, I will give a full account,' Executive Council member Lau (pictured) said. 'I have just scolded my staff again since they kept making updates to the register bit by bit.'
The latest revelation is over his failure to declare ownership of 70 lots of farmland. It is the third alleged breach of the declaration guidelines in the past 10 days.
Lau admits he owns the lots in Luk Keng, in the north of the New Territories, which were bought by Lapton Properties - a company owned by himself and his son. But despite reporting his stake in the company to both registers in Exco and Legco, where he has stated ownership of 15 pieces of land in North district, there has been no report of any land owned under Lapton Properties.
Asked when he was planning to explain matters to the public in person, Lau said he should have put things in order by the time the Legislative Council resumes next week after the summer recess.
Lau was forced to make a public apology after he was found on Monday last week to have failed to declare the purchase of three houses in Yuen Long in April and 16 flats in Yoho Midtown in February. All the transactions were made through Carofaith Investment, in which he holds a 40 per cent stake.
Eight more undeclared deals raised more concerns of potential conflict of interest. Another company controlled by Lau's son, Kenneth Lau Ip-keung, and his daughter-in-law, bought eight flats, also in Yoho Midtown, with Lau Wong-fat's company on the day the government announced a series of measures to cool property prices.
His son subsequently sold three of them before the transactions were completed and made a profit of HK$800,000.
A few days later, discrepancies were found between Lau's Exco and Legco declarations of interest. Lau had renewed the declarations to both in an attempt to clear up the matter.
Lawmakers have called for a detailed government investigation.
Chief Executive Donald Tsang Yam-kuen should weigh in on the matter, Wong Yuk-man says.
'This is no longer Lau's problem only,' the League of Social Democrats' lawmaker said.
Wong said explanations were needed not only from Lau and Tsang but the government, which was also obliged to elaborate on its declaration mechanism, and announce any misbehaviour, in accordance with the rules.
Democratic Alliance for the Betterment and Progress of Hong Kong lawmaker Ip Kwok-him said Lau's further declaration should be carefully looked into.
Political scientist Ivan Choy Chi-keung said Lau should resign from Exco to save its reputation.
