Coronavirus: Hong Kong lawmakers fail to decide on bailout for Ocean Park after concerns raised over HK$3 billion owed to bank
- Finance Committee members ask why the public should foot the bill for a loan from the local arm of Bank of China
- Park’s deputy chairman denies conflict of interest after legislator points out the board director is also the deputy chief executive of lender’s parent company
The fate of Hong Kong’s Ocean Park hung in the balance after lawmakers failed to make progress on approving a HK$5.4 billion (US$697 million) rescue plan, owing to concerns over massive commercial debt already saddling the resort.
Legislative Council members of the Finance Committee asked why taxpayer dollars should help repay about HK$3 billion the park owes Bank of China (HK).
Three pro-democracy lawmakers introduced motions to summon former government officials, previous park chairman Allan Zeman and bank representatives to provide further details on the debt and earlier financial forecasts. But their political rivals voted down the proposals.
Civic Party lawmaker Jeremy Tam Man-ho pointed out that the deputy chief executive of the bank’s parent company BOC Hong Kong (Holdings), Ann Kung Yeung Yun-chi, was a park director.
“I don’t know if it’s related to her or because of her, so several loans were from Bank of China,” Tam said. “Why do we have to help the park to repay the loans?