#MTRC a freak government-owned body
Two months ago, very few people in this town had ever heard the name of the MTR Corp's chief executive.
Suddenly, the company is under attack over the non- disclosure of the CEO's intention not to renew his contract when it expires in August next year.
It is debatable whether Jay Walder's intention not to renew his contract should be regarded as price-sensitive information.
The MTRC is an establishment, arguably one of the most bureaucratic in Hong Kong. The CEO is definitely an important officer, but everyone knows it is the government that makes the most important decisions.
The corporation is a state-owned enterprise with Hong Kong characteristics. The government is the majority shareholder, with three top-level bureau secretaries on the board.
Therefore, it's inconceivable for transport secretary Anthony Cheung Bing-leung to be shocked by the news that the high-speed rail project will be delayed. Evidence shows he had been well-informed, and there was no way he didn't know.
In the drama's most recent episode, the corporation issued a notice of insider information to the Hong Kong bourse, including a letter from the administration requesting the railway "absorb" as much of the ballooning cost of the delay as possible, for the government is unlikely to bear the burden.
However, the agreement between the government and MTRC states otherwise - the government is responsible for the full cost of the Express Rail Link project.
I wish the MTRC board would take the case to court. Let the independent Judiciary be the arbiter should the government shirk its contractual obligation to pay.
I find the tone and manner of the letter from the administration to the MTRC resembles the directives given to state-owned enterprises by economic planners of the former communist Soviet Union.
At the end of the day, the MTRC is an SOE. Listing it on the stock market doesn't mean the government has privatized anything.
Disclosure of interests: the writer's mother holds one lot of MTRC shares, and he does not agree with her investment decision.
Friday, May 16, 2014
writer's market 在 Puzzles & Games for Writers: Word Search - Pinterest 的推薦與評價
Puzzles & Games for Writers: Word Search Cool Writing, Brain Teasers, Puzzle Game ... Writers Digest, Best Short Stories, Plot Twist, Your Story, ... ... <看更多>
writer's market 在 Marketing Basics for Writers - YouTube 的推薦與評價
If you want to broaden your audience as a writer, know how to market yourself as an author, or know how to market your book, this video is ... ... <看更多>