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Sunday, 7 February 2010
Tony Chan’s firm reassures its investors
The listed company of fung shui master Tony Chan Chun-chuen reassured investors yesterday after police searched its Cyberport offices and the homes of its directors in the investigation into a suspected forged document.
Cyberport offices and homes of directors searched by police
Clifford Lo, Isabella Steger and Yvonne Tsui 05 February 2010
The listed company of fung shui master Tony Chan Chun-chuen reassured investors yesterday after police searched its Cyberport offices and the homes of its directors in the investigation into a suspected forged document.
RCG Holdings said a judgment over tycoon Nina Wang Kung Yu-sum’s fortune in favour of the Chinachem Charitable Foundation would not have any impact on the company’s operations and finances.
Chan was arrested on suspicion of forging a document a day after a judge ruled in the Court of First Instance that a will Chan claimed had been written by Wang, leaving him her fortune, was forged.
Last night he was released on bail of HK$5 million and ordered to report back to police in the middle of next month. Chan left Western police station in his own car shortly after midnight.
Yesterday, police refused to reveal what they had seized in the three locations searched.
RCG denies the company or management is involved with the criminal proceedings relating to Chan.
Commercial crime bureau officers searched the homes of company chairman Raymond Chu Wai-man and deputy chairwoman Anita Chau Pak-kun on Wednesday night. A company statement said police went to RCG’s offices in Cyberport and the homes of the two directors “with a view to looking for and taking possession of materials which may be connected to certain matters arising from the judgment”.
“The company reassures shareholders that, to the best knowledge of the company, the visits are totally unrelated to the company and the two directors in question.”
In a notice yesterday to Hong Kong Exchanges and Clearing, RCG said its major shareholders include Wang, whose estate owns 24 per cent through Veron International, and Chan, who owns 23.22 per cent through Offshore Group Holdings. His stake is worth HK$645 million.
Shares in RCG plunged yesterday, closing 5.54 per cent lower at HK$9.88.
Ricky Tam Siu-hing, chairman of the Hong Kong Institute of Investors, said volatility in RCG’s share price in the short term was expected as 50 per cent of the shares could suddenly end up publicly available.
“At the moment we don’t know if Chan will have to sell his stake in RCG to pay for his legal fees while the share price of RCG is still quite high ... there are reports that Chan has been selling some of his properties in the last two years to this end,” Tam said.
Since Veron was now owned by the foundation, it was possible Wang’s RCG stake could be sold under pressure from the family, he said.
Chan, 50, was arrested a day after the judgment affirmed the validity of the will Wang made on July 28, 2002, leaving her fortune to the foundation she set up.
Police said Chan was escorted to several locations before being taken to a police station yesterday. At about 5.15pm, Chan was brought back to police headquarters in Wan Chai.
Officers raided Chan’s Gough Hill home on The Peak on Wednesday, seized a computer and documents, before arresting him in the afternoon.
The controversial will, which the judge ruled was a forgery, remains in the Court of First Instance.
Lawyer Keith Ho, for the foundation, said the court kept the original document as an exhibit even after the judgment and a formal application was required if police wanted the document’s release.
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Tony Chan’s firm reassures its investors
Cyberport offices and homes of directors searched by police
Clifford Lo, Isabella Steger and Yvonne Tsui
05 February 2010
The listed company of fung shui master Tony Chan Chun-chuen reassured investors yesterday after police searched its Cyberport offices and the homes of its directors in the investigation into a suspected forged document.
RCG Holdings said a judgment over tycoon Nina Wang Kung Yu-sum’s fortune in favour of the Chinachem Charitable Foundation would not have any impact on the company’s operations and finances.
Chan was arrested on suspicion of forging a document a day after a judge ruled in the Court of First Instance that a will Chan claimed had been written by Wang, leaving him her fortune, was forged.
Last night he was released on bail of HK$5 million and ordered to report back to police in the middle of next month. Chan left Western police station in his own car shortly after midnight.
Yesterday, police refused to reveal what they had seized in the three locations searched.
RCG denies the company or management is involved with the criminal proceedings relating to Chan.
Commercial crime bureau officers searched the homes of company chairman Raymond Chu Wai-man and deputy chairwoman Anita Chau Pak-kun on Wednesday night. A company statement said police went to RCG’s offices in Cyberport and the homes of the two directors “with a view to looking for and taking possession of materials which may be connected to certain matters arising from the judgment”.
“The company reassures shareholders that, to the best knowledge of the company, the visits are totally unrelated to the company and the two directors in question.”
In a notice yesterday to Hong Kong Exchanges and Clearing, RCG said its major shareholders include Wang, whose estate owns 24 per cent through Veron International, and Chan, who owns 23.22 per cent through Offshore Group Holdings. His stake is worth HK$645 million.
Shares in RCG plunged yesterday, closing 5.54 per cent lower at HK$9.88.
Ricky Tam Siu-hing, chairman of the Hong Kong Institute of Investors, said volatility in RCG’s share price in the short term was expected as 50 per cent of the shares could suddenly end up publicly available.
“At the moment we don’t know if Chan will have to sell his stake in RCG to pay for his legal fees while the share price of RCG is still quite high ... there are reports that Chan has been selling some of his properties in the last two years to this end,” Tam said.
Since Veron was now owned by the foundation, it was possible Wang’s RCG stake could be sold under pressure from the family, he said.
Chan, 50, was arrested a day after the judgment affirmed the validity of the will Wang made on July 28, 2002, leaving her fortune to the foundation she set up.
Police said Chan was escorted to several locations before being taken to a police station yesterday. At about 5.15pm, Chan was brought back to police headquarters in Wan Chai.
Officers raided Chan’s Gough Hill home on The Peak on Wednesday, seized a computer and documents, before arresting him in the afternoon.
The controversial will, which the judge ruled was a forgery, remains in the Court of First Instance.
Lawyer Keith Ho, for the foundation, said the court kept the original document as an exhibit even after the judgment and a formal application was required if police wanted the document’s release.
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