Following is a question by the Hon Sin Chung-kai and a written reply by the Secretary for Constitutional and Mainland Affairs, Mr Raymond Tam, in the Legislative Council today (July 3):
In response to media enquiries in August last year, the Chief Executive (CE) indicated that he was holding the shares of Wintrack Worldwide Ltd. (BVI), and that company and its subsidiaries held the shares of a foreign branch of DTZ. CE also indicated that he had relinquished all his duties in DTZ and that he would transfer his shares of Wintrack Worldwide Ltd. (BVI) and its subsidiaries, and his 7 227 838 shares of DTZ Holdings Plc and its subsidiaries, to a trust. In reply to an oral question raised at the meeting of this Council on January 23 this year, the Secretary for Constitutional and Mainland Affairs indicated that according to the information provided by the CE's Office, the establishment of the trust was still in progress. On the other hand, according to my recent check on the Register of Interests of Members of the Executive Council, CE is still holding the aforesaid shares of those companies at present. In this connection, will the Government inform this Council whether, according to the information provided by the CE's Office, the establishment of the trust is currently still in progress or has already been completed; if it has been completed, whether CE is required to update his registered interests in this regard under the system of declaration of interests by Members of the Executive Council; if it has not yet been completed, of the reasons for that, when it is expected to be completed, and whether the Government has assessed if this situation will undermine the credibility of the system of declaration of interests?
With information provided by the Chief Executive (CE)'s Office, I am authorised to respond as follows:
The CE has already relinquished all his duties in DTZ. As regards the CE's voluntary initiative of transferring to a trust his shares of Wintrack Worldwide Ltd (BVI) and its subsidiaries, and his 7 227 838 shares of DTZ Holdings Plc and its subsidiaries, it involves overseas companies of DTZ and legal procedures of foreign jurisdictions and hence lead time is required for completion of the procedures.
Once the trust arrangement is completed, the CE will update his Registration of Financial and Other Interest under the Code for Officials under the Political Appointment System, as well as his Annual Declaration of Registrable Interests of Members of the Executive Council.
Ends/Wednesday, July 3, 2013