Call for Executive Council members to declare liabilities as well as assets

Lawmakers want the Executive Council's declaration-of-interest system to include its members' liabilities as well as assets, amid the controversy over Exco member Barry Cheung Chun-yuen and his failed Hong Kong Mercantile Exchange.

They say Exco members should declare how much money they have borrowed from whom, if the amount is large.

They made the remarks after the exchange, chaired by Cheung, handed back its trading licence to the Securities and Futures Commission (SFC) last week. Only two years after it was established, its trading revenue was not sufficient to support its operating expenses with thin trading in gold futures.

Reports have suggested that Cheung borrowed huge sums of money, including from a property tycoon, to save the struggling commodity exchange, raising suspicion of collusion among tycoons. Cheung fended off these claims in a statement on Sunday.

Civic Party lawmaker Ronny Tong Ka-wah said there was a need for Exco members to declare their liabilities. "They can be compromised to offer confidential government information in exchange for loans."

Democratic Party legislator Albert Ho Chun-yan said Exco members should reveal details of large loan amounts.

At present, Exco members have to declare remunerated directorships in public or private companies and land and property in or outside Hong Kong.