Hong Kong Communications Authority chairman quits after failing to disclose China Mobile shares

(SCMP)–  The chairman of the Hong Kong Communications Authority has stepped down from his post after failing to disclose shares he bought, which included China Mobile stock.

Huen Wong said he had failed to declare an interest after a “portfolio of shares was purchased under [his] name” two years before he assumed his role.

In a statement on Monday, Wong, a former president of Hong Kong’s Law Society, said he had submitted his resignation to Chief Executive Carrie Lam on Friday, with immediate effect.

“Due to my oversight, I did not make a timely declaration in accordance with the requirements,” he said in the statement.

He said his “inadvertent” omission had not affected the work of the Communications Authority, nor had it resulted in any conflict of interest. “However, it is incumbent upon me to adhere strictly to the requirement,” he added.

Wong, a solicitor by profession, was less than half way through his two-year term as chairman, having been appointed by Lam on March 31 last year.

In a press conference on Monday evening, Wong struck a contrite tone but did not reveal how many shares in China mobile he had bought.

He admitted even holding a single share in a related company should not be allowed.

“The holdings of these shares didn’t affect me dealing with issues when I was still at the post and there was no conflict of interests,” said Wong.“But rules, ultimately, are rules that need to be stick to.

“I think I should undertake the consequences of failing to disclose the holdings of these shares, and a resignation seems to be the appropriate thing to do.

“I have considered all the disclosure requirements, internal guidelines as well as rules related to disclosures of holdings of shares. This is the best way to reserve the credibility of the Communications Authority.”

Source:: SCMP

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