Revealed: the shell company, the minister, Polytechnic University and the millions of shares transferred to the pro-Beijing tycoon
A Post analysis of the Panama Papers raises questions over whether PolyU profited from massive transfer of shares to company owned by ex-chairman of Chinese General Chamber of Commerce - and where that money is now
The offshore firm set up by Polytechnic University played a major role in transferring millions of shares to a company run by a pro-Beijing tycoon, the latest Post investigation has found.
Critics have urged PolyU and innovation and technology minister Nicholas Yang Wei-hsiung, who was involved in the deal in his former role as the school’s vice-president, to come clean and raised concern about why the publicly funded institution had kept the public in the dark over the “secretive deal”.
“The university has transferred the shares to Sun Wah Linux with its shareholding dropping significantly. Did the school gain any money and, if yes, where has it gone?”
According to documents from the Companies Registry, a joint venture, Sun Wah-PearL Linux and Digital Forensics Limited, was set up in 2001 by Sun Wah Linux Limited, led by ex-chairman of Chinese General Chamber of Commerce Jonathan Choi Koon-sum, and PolyU Enterprises. Both parties enjoy equal shares of 2.5 million.
PolyU Enterprises, the school’s investment arm with Yang as the chief executive officer, decided in 2013 to transfer all its 2.5 million shares of the joint venture to Pearl-Sun Wah (Offshore) Company, the BVI firm it set up a year ago. Most of it eventually ended up in Sun Wah Linux.
The next year, Sun Wah Linux further passed 400,000 shares to Albert Chung Chun-chi, a director of the joint venture.
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After all the transactions, Choi’s Sun Wah Linux’ shareholding increased from 50 per cent to 75 per cent. The transaction amount was unknown.