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Hong Kong lawmaker named in Panama Papers cleared as no conflict of interest found in his lack of disclosure
Two-month probe by Legco committee concludes no ‘deliberate act’ by Michael Tien Puk-shun
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A pro-establishment Hong Kong lawmaker will not face punishment by the city’s legislature despite his failure to declare he held shares in a company registered in the British Virgin Islands.
Michael Tien Puk-sun was exonerated following a two-month investigation by the Legislative Council Committee on Members’ Interests. The probe came after media reports in April accused Tien of failing to declare to Legco his directorship and shares in a BVI company, with Civic Party lawmaker Kwok Ka-ki and several pan-democratic district councillors lodging a complaint against the New People’s Party vice-chairman.
Tien was among a number of politicians and business leaders revealed to have stakes in offshore companies set up in tax havens, according to the Panama Papers – a trove of 11.5 million documents revealing the secret financial dealings of the world’s rich and powerful that was leaked by law firm Mossack Fonseca to the International Consortium of Investigative Journalists in April.
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According to Legco rules, a lawmaker must declare his interest if he is a paid director of a company or has “a beneficial interest” in more than 1 per cent of a company’s shares.
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The investigative report released on Wednesday said Tien had admitted that since 1997 he and his wife had been directors of Glorious Pacific Limited and that each of them was allotted one of the two shares the company had issued.
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