An accounting clerk has admitted to helping a fraud syndicate withdraw HK$31 million (US$4 million) from a Hong Kong brokerage five years ago after being told she was under investigation by Beijing’s national security arm in the city. The High Court on Tuesday convicted Wong Pui-shan of 10 counts of money laundering after she confessed…
Students, workers and domestic helpers affected by the deadly Hong Kong blaze that claimed 151 lives will each receive a payout of HK$20,000 (US$2,570) as part of government relief efforts. And donations to the government’s relief fund have reached HK$1.6 billion, reflecting strong public support for the victims. The authorities on Monday also announced grants…
The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said it had no plans to establish a “bad bank” to absorb troubled debt in the financial system, saying that the local banking sector remained healthy and profitable. “Overall, banks in Hong Kong maintain a healthy balance sheet; their credit risk is manageable…