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Posts Tagged ‘privatisation’


PCCW Vote Rigging

Sunday, March 15th, 2009

This house hopes that the SFC will investigate thoroughly the alleged vote-rigging activity in the recent privatisation deal and tender a detailed report of what happened. Clearly so many new holders with voting rights, many of which were Fortis insurance agents, suddenly coming into the equation just ahead of the privatisation proposal would recommend something abnormal going on.

It’s about time SFC actually did something useful with itself; the debacle with the Lehman Brothers Minibonds was essentially to do with SFC not having carried out proper risk assessment of financial products and this house sincerely hopes that a plausible explanation will become of the PCCW vote-rigging investigation.

Hong Kong’s Mandatory Provident Fund

Sunday, November 9th, 2008

The Mandatory Provident Fund was setup by the Hong Kong government as a means to tackle the aging population problem which indicates that in a few decades time the ratio of retirees to workers will be much greater than it is now. Each worker contributes a mandatory 5% of their monthly salary to the fund and their employer contributes the other 5% to total a 10% in monthly contribution. The logic behind the scheme is understandable and is sound in its thinking.

However, this house believes that the government should not have given control of the funds to corporations; because the funds effectively become capital for banking corporations to invest in any way they deem. Even though the funds are held in vehicles called trust funds the investment decisions are ultimately dictated by corporations. This house believes that the government should have taken the responsibility of managing the fund themselves. The national insurance in the UK which is a similar fund which is managed by the British government and the system works.

This house believes that by appropriating workers' hard earnt cash to corporations it further consolidates the corporations' power in policies that govern Hong Kong. The government is therefore becoming more and more reliant of corporations and less and less able to manage affairs by herself.

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