Asia Forum Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Asia Forum

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Thomas Haegin who wrote (1351)	1/22/1998 10:21:00 AM
From: Worswick	Read Replies (1) of 9980

A masterful article of your Thomas! I printed it out so I can put it atop my ever growing folder of Asia Form posts. Out there on the frontiers of Investing: Notes from the Wild East This appeared in Hong Kong Today. For private use only (C) South China Morning Post. Hundreds of investors took to the streets yesterday amid fears that more Hong Kong brokerages and securities firms are in trouble because of the regional economic crisis. While many queued to withdraw cash or shares, others inundated the police and the Securities and Futures Commission (SFC) with complaints about CA Pacific Securities, which went into liquidation on Tuesday. More than 200 CA Pacific investors marched to the SFC office, claiming they had been cheated. "The Government must not sacrifice the interests of ordinary investors to create the impression that everything is rosy," said march organiser Cheng Chi-hung, 27. About 80 Commercial Crime Bureau officers were mobilised last night to take statements from more than 170 investors. Detectives said investors believed they had cash accounts and were unaware that their shares had been transferred to a margin account within a different arm of the company. Investment experts said the transfer could make it difficult for the investors to get back their shares. A senior CA Pacific executive admitted they had exploited grey areas in their contractual agreement with clients. He said while the agreement authorised the companies to open margin accounts for investors, it should only be taken as a provision to provide convenience for investors. "The authorisation means clients' savings can be put into margin accounts in the case of an emergency. It does not mean you can transfer their shares without their knowledge," he said. "I must say the investors are quite innocent." Senior Superintendent Peter Else said it was too early to say if there had been any fraud involved. "We have to look into the circumstances."

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next