Henry Tang said he fully declared his holding of an offshore company in line with government rules. File photo: RTHK
Former top official Henry Tang denied on Wednesday that there was any conflict of interest in his past ownership of an offshore company that he allegedly sold to his father, three days before he took on the post of Secretary for Commerce, Industry, and Technology in 2002.
Local media organisations Ming Pao, Next Magazine and We Media-01 reported that leaked documents from the Panamanian offshore law firm Mossack Fonseca shows that Tang had set up Fair Alliance Investment Limited together with property tycoon Christopher Cheng in 1997.
The reports said the firm was established in the British Virgin Islands – less than a fortnight before Tang became a member of the SAR’s first Executive Council.
Tang was said to have quit as the director of the offshore company in 2002, right before he was appointed Commerce Minister under a new accountability system.
He reportedly sold his shares to his father for a nominal price of US$1, and appointed his sister as director in his place.
In a statement, Tang said he had correctly declared his interest according to regulations, while he was an Exco member and as an official. He added that there are no omissions or conflict of interest over the case.
http://news.rthk.hk/rthk/en/component/k2/1255496-20160420.htm
