THE chairman of the Ming Pao newspaper publishing group, Yu Pun-hoi, late last night admitted he had been convicted of fraud and firearms offences in Canada 15 years ago, and served four months in prison.
This dramatic admission came as a climax to a day which saw reports of his offences published for the first time in Hong Kong, and the resulting suspension of the shares in Ming Pao at 2.30 pm.
Yu's future as a director of the company, and South Sea Development, where he is also chairman, now appears to be in doubt. By not declaring his previous convictions Yu is in breach of the listing regulations of the Hong Kong Stock Exchange.
A statement from Ming Pao director Paul Hui Hau-tung admitted reports of Yu's criminal past were correct.
He had been convicted in Canada of offences connected with credit cards and cheques which involved a total sum of approximately C$4,600 (HK$26,200) and on possession of a pistol, said the statement.
Later Yu, in his mid-30s, issued his own version, saying: 'When I was 20 years old studying in Canada I did use others' cheque and credit cards which involved C$4,600 and illegally possessed a gun and was sentenced to four months' imprisonment in 1979.