Tag Archives: China

     Hong Kong Customs conducted an enforcement action today (July 11) again and arrested two male directors of a rehabilitation institution. A staff member of the institution is suspected of having applied a false trade description to the service supplied, and of engaging in unfair trade practices involving a misleading omission, in contravention of the Trade Descriptions Ordinance (TDO). As of today, three male directors and a male staff member of the rehabilitation institution have been arrested. 

     Customs earlier received information alleging that a staff member of a rehabilitation institution falsely claimed to a customer that the prepaid book fees for a two-year training course could be refunded. However, the institution did not refund the fees to the customer in the end.

     In addition, the staff member had claimed that the accommodation deposit paid by the customer would be refunded after his children completed the course. However, it was only after the institution had ceased to provide the training course that the staff member informed the customer of a material information, i.e. the deposit would not be refunded even if the course was discontinued.

     After investigations, Customs officers today arrested two male directors, aged 44 and 64, of the rehabilitation institution. The two arrested persons have been released on bail pending further investigation.

     An investigation is ongoing, and the possibility of other persons involved in the case being arrested is not ruled out.

     Under the TDO, any trader who applies a false trade description to a service supplied or offered to be supplied to a consumer commits an offence. Any trader who engages in a commercial practice that omits or hides material information or provides material information in a manner that is unclear, unintelligible, ambiguous or untimely, and as a result causes, or is likely to cause, an average consumer to make a transactional decision, commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/). read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Mortgage Corporation Limited (HKMC) announced today (July 11) that the Board of the HKMC has approved the appointment of Mr Colin Pou as the Chief Executive Officer (CEO) of the HKMC with effect from December 26, 2024. Mr Pou will succeed Mr Raymond Li who will be retiring from the HKMC.
      
     “The Board would like to thank Mr Li for his dedication and invaluable contribution to the Corporation in the past 11 years, in particular the successful launch of various new measures during his tenure, benefitting the society and the business community,” said the Chairman of the HKMC, Mr Paul Chan. “I look forward to Mr Pou continuing to lead the healthy development of the Corporation after he takes up office, so as to serve the society and business community of Hong Kong,” said Mr Chan.
      
     Mr Pou is the Executive Director of the Financial Infrastructure Department at the Hong Kong Monetary Authority (HKMA).  He will be seconded from the HKMA to take up the CEO position of the HKMC. Mr Pou joined the HKMA in 1994 as an Assistant Manager and has worked in various departments at the HKMA covering areas of banking supervision, policy and development, monetary operations and payment systems. From November 2015 to October 2018, he was seconded to the HKMC as Senior Vice President (Operations) and CEO of the HKMC Insurance Limited, an HKMC’s subsidiary. Mr Pou was promoted in October 2018 as Executive Director (Financial Infrastructure) of the HKMA, responsible for developing the financial market infrastructure and for enhancing the fintech ecosystem of Hong Kong.

  

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (July 11) that the Senior Executive Director, Mr Raymond Li, who is currently on secondment to the Hong Kong Mortgage Corporation Limited (HKMC) as Chief Executive Officer (CEO), will be retiring with effect from December 26, 2024. The Executive Director (Financial Infrastructure), Mr Colin Pou, will be seconded to the HKMC to take over Mr Li’s position on the same day.
      
     The Chief Executive of the HKMA, Mr Eddie Yue, said, “Raymond has worked in the HKMA for over 30 years and served in many different roles. In his current role as the CEO of the HKMC, which he took up in 2013, Raymond has been dedicated to continued enhancement of the full range of services of the HKMC, particularly regarding retirement protection for the general public. Under his leadership, the HKMC has also provided strong support to the HKSAR Government in administering various loan guarantee schemes and helped many small and medium-sized enterprises and individuals tide over the difficult time during the pandemic. I would like to thank Raymond for his long and eminent service to the HKMA, and wish him a happy retirement in the many years to come.”
      
     The HKMA will arrange open recruitment for the post of Executive Director (Financial Infrastructure), and a separate announcement will be made after the completion of the selection process. read more

     Following is the transcript of remarks by the Secretary for Labour and Welfare, Mr Chris Sun, after the passage of the Mandatory Reporting of Child Abuse Bill by the Legislative Council this afternoon (July 11): Reporter: Are the… read more

     â€‹The Chief Executive, Mr John Lee, will lead a Hong Kong Special Administrative Region (HKSAR) Government delegation to attend the 24th Plenary of the Hong Kong/Guangdong Co-operation Joint Conference in Guangzhou tomorr… read more