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August 31, 2004

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Hitting where it doesn't hurt

It really isn't easy being a Hong Kong tycoon. Electronics billionaire William Mong was fined a massive HK$2,500 yesterday for a breach of securities law. His offence? He forgot that he bought HK$40 million of shares in Bank of East Asia when he became a director of the company. In a demonstration of the speed with which HK justice works, the offence occured in 1995.

Mr. Mong's defense was simple: he has so much money he couldn't be on top of little things like this. The only problem is he signed the cheque for the shares and there were minutes of the board meeting he chaired authorising the purchase.

I'm sure he spent more on lunch than the fine. But I'm amazed he found a sober barrister to help him.

 posted by Simon on 08.31.04 at 11:17 AM in the




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