Asia Sentinel, 19 Nov 2008
Citic Pacific’s management survives a huge loss
When it comes to protecting the well-connected from their own incompetence, greed and worse, few institutions rival the Communist Party of China. Minor corrupt officials are routinely executed, big fish very seldom.
So it should perhaps come as no surprise that following the rescue of Hong Kong-listed Citic Pacific by its Beijing former parent and now guardian, it has left unchanged the top management that oversaw the loss of US$2 billion – yes, US$2 billion – in currency speculation little connected with any of its core businesses.
In the process Beijing has showed just how little it cares about corporate governance, let alone the public interest when its favorites are concerned. It has also cast doubt on the willingness of Hong Kong authorities to take corporate governance seriously when not only a Beijing favorite is involved but also one of their own pet business stooges.
Read More
