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Strategic Considerations: Argyle Street Management has questioned Hong Kong property company China Motor Bus’s accounting of an office located at United Centre, in Admiralty, which is occupied by the law firm of the company’s Chairwoman, Ngan Kit-ling, the daughter of founder Ngan Shing-kwan…
…The company has not disclosed the property or its usage in its quarterly or annual reports, according to a public letter Argyle Street Management issued Tuesday. Company Secretary Kwok Pun-tak declined to comment on the issue.
…The unit located in an office building in the central business district of Hong Kong was purchased by China Motor Bus founder Ngan Sing-kwan for HKD 11.4m (USD 1.46m at today’s exchange rate), in June 1987, and the current registered owner is China Motor Bus Company Limited, Argyle claimed in the letter, citing public registry searches.
The address matches with the registered office of Ngan & Co. according to a listing in the Law Society of Hong Kong. The office unit also carries a sign for the law firm, a site visit revealed…
…Chairwoman Ngan Kit-ling, age 84, has been admitted as a registered solicitor in Hong Kong since September 1956 and is the sole proprietor of Ngan & Co., which also acts as solicitor for China Motor Bus, according to company filings.
…Argyle claimed it could not spot where the office is carried in the balance sheet. The fund claimed the unit occupies a quarter of the entire floor, citing floor plans of the building, and hence would be worth more than HKD 100m (USD 12.82m)…
釋放中巴價值 