Hong Kong – Extension of term of Inspector appointed by Financial Secretary to investigate affairs of Next Digital Limited

Extension of term of Inspector appointed by Financial Secretary to investigate affairs of Next Digital Limited

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     The Government announced today (July 26) the further extension of the appointment of Mr Clement Chan Kam-wing as the Inspector to investigate the affairs of Next Digital Limited (NDL) by six months up to January 27, 2025.
 
     The Financial Secretary, pursuant to the power conferred on him by sections 841(2) and (3) of the Companies Ordinance (Cap. 622), had appointed Mr Chan as the Inspector to investigate the affairs of NDL. As the Inspector has indicated to the Financial Secretary that the above investigation was still ongoing, the Financial Secretary has decided to further extend the Inspector’s appointment by six months.

Hong Kong – Hong Kong Customs combats provision of infringing karaoke songs by party rooms and restaurant in course of business (with photos)

Hong Kong Customs combats provision of infringing karaoke songs by party rooms and restaurant in course of business (with photos)

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     Hong Kong Customs mounted a territory-wide enforcement operation codenamed “Magpie” between July 2 and 25 to combat illegal activities involving party room and restaurant operators providing infringing karaoke songs to customers in the course of business. 

     During the operation, Customs officers raided 31 party rooms and one restaurant in various districts, including Kwun Tong, Causeway Bay, Tsuen Wan and Mong Kok. A total of 39 sets of karaoke devices used for playing suspected infringing songs, four sets of game consoles with suspected pirated electronic games, and a batch of audio and video equipment and network devices were seized. The total estimated market value is approximately $1.1 million. Eleven men and seven women, aged between 23 and 49, were arrested for being suspected of contravening the Copyright Ordinance and Trade Descriptions Ordinance (TDO). They include seven persons-in-charge of the venues, six company directors and five shop proprietors. Two of the arrestees were charged under the Copyright Ordinance, while the rest were released on bail pending further investigation. The investigation is ongoing and further arrest may be made.

     In addition, Customs detected the first-ever case of providing infringing karaoke songs by using streaming technology. Through in-depth investigation and with the assistance of copyright owners, Customs officers raided one data centre and four party rooms involved in the case, seizing five karaoke devices preloaded with suspected infringing karaoke songs and a batch of network equipment. 

     Customs also found a party room owner who claimed to have obtained a valid licence that allowed customers to legally watch movies and television programmes. However, upon investigation, it was revealed that the subject party room did not obtain such a licence and was suspected of making a false trade description in the course of business, contravening the TDO. 

     Customs reminds business operators to comply with the Copyright Ordinance and the TDO.

     Customs will continue to step up inspection and enforcement to vigorously combat infringing activities on all fronts and safeguard the rights of copyright owners and consumers.

     Under the Copyright Ordinance, any person who, without the license of the copyright owner of a copyright work, possesses infringing copies of a copyright work for the purpose of, or in the course of, any trade or business with the view to it being used by any person commits an offence. The maximum penalty upon conviction is a fine of $50,000 per infringing copy and imprisonment for four years.

     Under the TDO, any trader who engages in unfair trade practices, including making false trade descriptions in relation to service, commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected infringing activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Hong Kong – Appointment of Non-Executive Directors of SFC

Appointment of Non-Executive Directors of SFC

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     The Government announced today (July 26) that the Financial Secretary, Mr Paul Chan, under the authority delegated by the Chief Executive, has reappointed Mr Victor Dawes, SC and appointed Mr Vincent Chan Chun-hung as Non-Executive Directors of the Securities and Futures Commission (SFC) for a term of two years from August 1, 2024.

     A spokesman for the Financial Services and the Treasury Bureau said, “Mr Dawes, SC has been offering insightful advice for the effective performance of functions and governance of the SFC. His wise counsel and support will continue to steer the SFC’s work.

     “Mr Chan has extensive experience in the private equity sector and in-depth knowledge of the operation and regulation of the securities and futures markets in Hong Kong. We are confident that his expertise will be valuable to facilitating the development of the SFC.

     “We would also like to thank the outgoing Non-Executive Director, Dr James Lin, for his active contribution to the SFC over the past six years. His stewardship has been conducive to enhancing the SFC’s role as a regulator with a focus on market quality.”

     The SFC is chaired by Mr Tim Lui Tim-leung. Other serving Non-Executive Directors are Ms Agnes Chan Sui-kuen, Mr Chew Fook-aun, Mr Johnson Kong Chi-how, Mr Nicky Lo Kar-chun, Mr Michael Wong Yick-kam and Mr Dieter Yih Lai-tak.

Hong Kong – Appointments to Advisory Committee of Accounting and Financial Reporting Council

Appointments to Advisory Committee of Accounting and Financial Reporting Council

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     The Government announced today (July 26) appointments to the Advisory Committee of the Accounting and Financial Reporting Council (AFRC) for a term of two years from August 1, 2024, to July 31, 2026.

     The Financial Secretary appointed Mr Edmund Wong Chun-sek as a new member and reappointed the 11 members below in accordance with the Accounting and Financial Reporting Council Ordinance (Cap. 588).

Mr Clement Chan Kam-wing
Ms Ivy Cheung Wing-han
Mr Stephen Fung Sing-hong
Mr Edward Lau Fu-keung
Ms Elizabeth Law
Mr Patrick Law Fu-yuen
Ms Doris Lian Shaodong
Mr Webster Ng Kam-wah
Dr Christopher To Wing
Ms Flora Wang Fang
Ms Daisy Yeung

     A spokesman for the Financial Services and the Treasury Bureau said, “Since the launch of the new regulatory regime of the accounting profession in 2022, the Advisory Committee has been rendering constructive advice on the regulatory objectives and policies of the AFRC. With his extensive and strong connections with the accounting profession, we are confident that Mr Edmund Wong, together with the other members of the Advisory Committee, will further serve as a conduit between the AFRC and the sector, thereby assisting the AFRC in discharging its important functions of promoting and supporting the development of the profession.

     “We would like to express our sincere gratitude to the outgoing member, Mr Low Chee-keong, for his valuable contribution to the work of the Advisory Committee during his tenure.”

     The Advisory Committee was established on August 1, 2022, to advise the AFRC on matters of policy regarding any of the AFRC’s objectives and functions under the new regulatory regime of the accounting profession. It comprises the AFRC Chairperson and Chief Executive Officer, as well as government-appointed members who are practitioners, service users and other stakeholders of the accounting profession. The government-appointed members are empowered to second nominations of candidates in the Council elections of the Hong Kong Institute of Certified Public Accountants.

Indy Auto Man Service Center Receives Top Honor from Loc8NearMe for Exceptional Service

We are excited to be acknowledged as one of the leading car service centers in Indianapolis, said Eugene Gorin, co-founder of the Indy Auto Man dealership. This honor reflects our team’s dedication to providing exceptional service and maintaining high customer satisfaction.

Loc8NearMe.com, an independent company that annually evaluates prominent businesses in various cities, conducted a thorough analysis that included categories such as restaurants, grocery stores, banks, beauty salons, gas stations, auto repair shops, and more. The recent results placed Indy Auto Man Service Center at the forefront, awarding it the Best Service Center title and a certificate of excellence.

Victor Figlin, General Manager at Indy Auto Man, expressed his gratitude, stating, Being recognized as one of the best auto repair services in Indianapolis is a tremendous honor for our dealership. We are delighted to receive this acknowledgment from our clients, and I want to extend my heartfelt thanks to every member of our team for their vital contribution to this achievement.

Located in Indianapolis, the Indy Auto Man Auto Center provides a wide range of maintenance and repair services for all vehicle makes and models. Equipped with state-of-the-art tools, high-quality materials, and skilled technicians who undergo regular advanced training, Indy Auto Man is dedicated to ensuring every vehicle receives exceptional care. Their services include routine maintenance like oil changes and wheel alignments, as well as comprehensive repairs for engines, transmissions, chassis, electrical systems, and more. Additionally, the team offers professional maintenance for commercial vans, catering to entrepreneurs specific vehicle needs.

About Loc8NearMe
Loc8NearMe is an online platform designed to help users discover local businesses and services. The platform features an extensive directory across various categories including dining, accommodations, financial services, fuel stations, pharmacies, and more. Users can perform targeted searches or browse categories to find the nearest options. Each listing provides essential details such as contact information, directions, customer reviews, and ratings. Loc8NearMes mission is to simplify the process of locating and engaging with vital services in ones local area.

About Indy Auto Man
Founded in 2008, Indy Auto Man is a premier used auto dealership and repair center in Indianapolis known for its exceptional customer service. The company is committed to innovation, offering online car sales and delivery, along with dynamic pricing for its extensive inventory of over 300 vehicles. The IAM Service Center features a cutting-edge 21-bay facility, fully equipped to deliver top-tier repair and maintenance services to its Indiana clientele.

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