5.1.1 Dec 20, 2018公眾再投函保監保聯，驚惶萬分於高盧人安盛市值跨掉過半，短期間輸掉二千多億港元後，財務休克隱約已現。Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況公眾要求緊急查証AXA最新財務表以安以息眾多保戶無限憂慮疑團。 Dec 06, 2018以高盧人安盛財務狀況危急萬分事實，再電郵保監問AXA 2月底之暴跌了千億元市值孰令致之？

《德評》2019.01.04海峽時報國際版報導，馬來西亞前總理納吉布，將因偽做1MDB一馬基金財務報告受審。高盧人安盛帳目造假事件也將遲早被揭發

Najib, former 1MDB chief Arul Kanda to be tried together over alleged 1MDB audit tampering Former Malaysia prime minister Najib Tun Razak (left) and former 1Malaysia Development Bhd (1MDB) chief Arul Kanda Kandasamy are being charged for alleged tampering of 1MDB's final audit report.

KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - The Sessions Court in Kuala Lumpur has allowed a request by prosecutors to try former prime minister Najib Razak and former 1Malaysia Development Bhd (1MDB) chief Arul Kanda Kandasamy together on charges that they tampered with 1MDB's final audit report.

Sessions Court judge Azura Alwi granted the request after hearing the application to transfer by lead prosecutor Gopal Sri Ram.

On Dec 12, Najib and Arul were charged separately at the Sessions Court with allegedly tampering with a final audit report on 1MDB.

According to the charge sheet, Najib used his position as prime minister to gain protection from any action, whether disciplinary, civil or criminal, in connection to 1MDB by ordering the final audit report to be altered before it was finalised and presented to the Public Accounts Committee (PAC).

He is said to have committed the offence at the Prime Minister's Office in Putrajaya between Feb 22 and Feb 26, 2016.

The charge under Section 23(1) of the Malaysian Anti-Corruption Commission (MACC) Act 2009 carries a maximum 20 years' imprisonment and a fine of no less than five times the amount of gratification or RM10,000 (S$3,290), whichever is higher.

Arul was charged at a separate court with abetting Najib in tampering with the 1MDB audit.

The indictment is the first for Arul, the highest-ranking 1MDB officer to be charged in Malaysia's revived investigation into the fund.

Najib has pleaded not guilty to dozens of earlier money laundering and corruption charges linked to 1MDB, which is at the centre of a global scandal that allegedly saw US$4.5 billion (S$6.1 billion) misappropriated.

公開信致：香港保險業監管局鄭慕智先生,張雲正先生via 關國玲小姐

保監開口埋口就話受條例所限，做唔到啲乜嘢，藉口同興德前校長陳章萍個大佬平機會主席陳章明一樣。

保監責任就係睇住班保險公司盤數，依家有人話有証據高盧人安盛造假數，你哋都唔查？連人哋辛辛苦苦搜集並分析舉証嘅資料都唔睇吓就close file（須知惡意造謠誹謗响中港都係刑事犯法行為，隨時有機會踎監，响大陸妄議官營事業仲隨時會人間蒸發添），咁公眾會問政府使乜翻閹張雲正，幾十萬一個月搵佢番嚟坐鎮保監呢？！

高盧人安盛有四千代理，個個咭片都印住Financial Planner，高盧人安盛仲響宣傳單張白紙黑紙話佢哋個個都係 “頂尖財務顧問” 添，如果張雲正淨係識睇張Balance Sheet就可以向政府及公眾交差，唔識觸類旁通、先知先覺、防患於未然，咁即係話個個高盧人安盛代理都可以坐上張雲正個位，幾皮嘢一個月就請到，仲使乜俾幾十皮一個月請張雲正呢？

總之，以告密高盧人安盛造假帳、同埋勾結Jeneration/Swiss Privilege江西走資洗錢幫搞亂中港金融經濟體系嘅可靠消息來源、同埋鄙人考証觀察所得，依家高盧人安盛班代理，最好儘快寫信應徵保監張雲正個位，好過開始日日擔心高盧人安盛遲吓隨時冇糧出！

subject: 今日一開市，AXA再跌1.75%之多，肯定會進一步加速高盧人安盛之財務休克，置一眾中港保戶於萬險之中

subject: Sarawak Report大驚小怪, 劉特佐又同Jeneration嘅Jimmy Chang、Tony Zhang係同路同類人，物以類聚，個個都係豪爽到地球無人有嘅

高盧人安盛將祇值1.45億嘅Swiss Privilege豬乸打扮成貂貚，以22億賣出俾班Jeneration江西走資洗錢幫，咁高盛（係Goldman Sachs，唔係高盧人安盛）幫一馬基金發債券收兩億美金手續費又有乜出奇呢？

劉特佐主理嘅一馬基金，响走資洗錢方面出名係超級疏爽，劉特佐又同Jeneration嘅Jimmy Chang、Tony Zhang係同路同類人，物以類聚，個個都係豪爽到地球無人有嘅，走埋一齊做豪爽嘅事，Sarawak Report唔應該奇怪佢哋點解咁超超級疏爽！

subject: 投資泰斗陳永陸陸叔所指點，將此等造假資料全部扔掉落屎坑

致：公開信致函保監主席鄭慕智先生及總裁張雲正先生 via關國玲小姐，

吾人曾於Dec 07, 2018，提出將吾人幾經辛若搜集到的資料，有關高盧人安盛以割肉療親方式，人工化造假做到Swiss Privilege盤帳好好睇睇，呃Jeneration班幕後金主江西走資洗錢幫上轎，將Swiss Privilege豬乸當貂貚，夾硬嫁出去。

雖然班大陸佬買Swiss Privilege係項莊舞劍，意在走資洗錢此沛公，俾多多都無所謂，但如此這般即係高盧人安盛盤數整體來說有造假之嫌之實。

愚意認為保監除以數字量化稱量高盧人安盛盤數，也應注意到保險公司的誠信問題，高盧人此一小動作，對香港保險業監管機構，實已一葉惊秋。

然而保監管理層漠視吾人、李偲嫣小姐及公眾一番真誠好意，我等祇好聽投資泰斗陳永陸陸叔所指點，將此等造假資料全部扔掉落屎坑，到保監之後覺得有需要嗰陣，保監班管理層就自己走落屎坑自己摷囉！

5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況 (IA Ref. MC/COMP/18/11/076) 公眾要求緊急查証AXA最新財務表以安以息眾多保戶無限憂慮疑團。 Dec 6-10, 2018以高盧人安盛財務狀況危急萬分事實，再電郵保監問AXA 2月底之暴跌了千多億元市值孰令致之？保監關國玲小姐覆函“攬晒上身”P.

今日今個禮拜一開市，AXA股價再跌超過1%，顯然高盧AXA雄雞已証明無能力挽狂瀾於既倒，同蕭定一隻8078一樣，冇得救。

一下唔覺意，Swiss Privilege個包袱甩唔到手，仲會即刻現形添！

道理簡單，若高盧雄雞二月仲有現金或流動資產二千億在手，即係話間公司好逸惡勞，好食懶飛，不思進取，先至可以頂得順最近市值貶下眼輸掉二千億（仲未止血架）；若果係好似高盧人安盛講得自己咁進取，仲得埋全球第一壽險品牌添，咁就仆街喇！

高盧人安盛全部保戶依家開始就有大把理由擔心咯。投保左有無得賠係擔心之一，最慘就係旨意佢晚年退休，就真係依家預先開始諗下點樣死法先至係死得有尊嚴仲好喇！

保監話攬晒上身，到時出大事，搵條命賠俾人牙！我推斷保監班管理層可能要俾國家公安部掟晒去秦城監獄過世，好似項俊波同埋吳小輝咁，唔係淨止冇左份工咁簡單。

我就已經盡左好公民責任，吹晒雞，你地都唔聽？有高盧人安盛內部消息話我知，依家高盧人安盛班代理已經陸陸續續勞燕分飛，留低響度果D，一係廢柴，一係諗緊轉邊間保險公司。

subject: 依家今日距離未被揭發造假數時之2018年二月股價，半年多D足足唔見四成半，高盧人安盛財政狀況隨時休克，保監都仲唔明 “孰令致之”？

公開信致：香港保險業監管局鄭慕智先生,張雲正先生 via 關國玲小姐，

subject: 獨高盧人安盛股價今日再繼續下瀉 - 市場對佢無晒信心嘞

尊敬的保監主席鄭慕智先生及總裁張雲正先生 via 關國玲小姐， 2018 Dec 11

外圍股市已喘定，恆指都係咁噫升番多少，獨高盧人安盛股價今日再繼續下瀉 - 市場對佢無晒信心嘞。

造假數呢樣嘢唔講得笑，保監唔查高盧人安盛盤數（唔係淨睇表面資產或負債比例數據，最緊要係睇盤數有無造假。我手上資料就差不多整理得七七八八，仲會不時更新check住添；李偲嫣小姐同埋佢啲戰友就幫我發掘新嘅高盧人安盛犯罪違規錄音同証據，造勢攞業績問鼎立法局議員寶座，李小姐梗會搏命，唔使我吓吓提住佢，分工合作，為偉大祖國春秋大夢盡一點力），認投咗“攬晒上身”嘅人隨時瀨嘢。

subject: Beginning of the downfall of an excessive pride and haughtiness Gauls AXA

You see, the stock price of AXA is falling again at the beginning of a week by as much as a nearly 2%.

All the recent declines can be boiled down to the signalling of the beginning of the downfall of an excessive pride and haughtiness Gauls AXA, we are so sure.

I have nothing more to add but to ask you to be meticulously careful because 「你已經攬晒上身」。

Meanwhile, I am so astonished that you did not even bother to ask me for the evidences of my free-of-charge alleged fake numbers.

列子《說符篇》：天下之辱，莫過於乞 and so, I am not going to beg you to accept these evidences anymore unless you humbly ask for them.

subject: Re: 檔號：MC/COMP/18/11/076 - 5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況

一如牛頭角順嫂預測，今晚高盧人安盛股價又跌到阿媽都差D唔認得，前日話緊連毛夾屎，市值都有五百億歐元。

今晚呢刻就連毛夾屎加埋尿都唔夠五百億。陸叔陳永陸話齋，呢輪鬼死咁忙，就黎又過聖誕，過一排先至去屎坑摷番佢出黎喇！

但係公眾唔好以為班高盧鬼梗係面黑黑，愁對股價殘紅亂舞。剛好相反，班友有內幕消息知盤數造假，今年二月底已經沽貨 - 咁依家你地知高盧人安盛股價突然二月底幾日間暴跌十幾個百分點係「孰令致之」喇！

但係我地D塘邊鶴就唔好亂咁落手囉，因為萬一市場知道盤數造左假，就唔會一、兩個百分點咁跌，會係大大鑊咁跌，跌到你好似翁祐個新加坡老友咁顛左，跟住自殘，仲跳樓收場添。造假數呃公眾真係害死人。

唔講咁遠，講番劉特佐、Jeneration/Swiss Privilege有關之一馬基金千億國家盜竊案，最近幾日咪傳出前總理納吉布之前親自粉墨登場造假數呃國民，就知大到國家政府都可以造假數，咁高盧人安盛造假數又有乜出奇Jet？

高盧人安盛股價2018年12月6日收市再重挫 -3.28%，淨係呢幾日又唔見多幾百億，嚴重跑輸CAC及歐洲同類保險股。Mutual Funds機構投者於二月底盡沽盡棄高盧人安盛後，圍內人知情者支持者醒目錢態度是避此則吉，此異常現象事出必有因 - 造假帳終被揭露所累也。

吾人及公眾保戶實恐高盧人安盛夕陽西下難再迴，香港保監已攬晒所有責任上身後，請務必留意蛛屍馬跡，保障小保戶利益財產為要。

5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況 (IA Ref. MC/COMP/18/11/076) 公眾要求緊急查証AXA最新財務表以安以息眾多保戶無限憂慮疑團。 Dec 06, 2018以高盧人安盛財務狀況危急萬分事實，再電郵保監問AXA 2月底之暴跌了千多億元市值孰令致之？ P.

subject: Re: 檔號：MC/COMP/18/11/076 - 5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況

本人十分喜悅的收到貴局今天的電郵回覆，並留意到貴局檔號：MC/COMP/18/11/076。

本人及公眾更加感到鼓舞的，是貴局重申強調政府指令給予貴局之最重要任務之一為：「監管香港地域之保險公司財務狀況並確保是符合法例」。

本人及公眾不厭其煩的強調是：除了看呈交上貴局的表面財務表（無論是否經過審核），必須留意任何蛛屍馬跡顯示內容有否不同程度的蓄意造假成份，以保障公眾利益。本人刻意再三提示，乃因曾有財務表造假引起之刻骨銘心慘痛教訓如下述：

“1998年初，本人任職並以Broker形式兼耕於一投行時，因受到經過IMF審核過的俄羅斯國家財務表造假的事實影響，結果害人誤人不淺。時吾人經當時基金藍籌愛股之一「Shell Electric蜆壳電器」第五太子爺翁國源先生介紹，認識其父翁祐主席，再經翁主席介紹給其新加坡好友名Andy Chua者，以平均價五十五美元開始大量購入約2000萬美元之俄羅斯國家債券，其後市場開始下跌，翁主席及其新加坡友人，以Dollar Cost Averaging原理敲進更多俄羅斯債券以攤平入價，並且逐漸擴闊槓杆效應至最極限。

他倆相信俄羅斯大到倒不了，所以越是市場盤跌，越是加碼增購增持。至同年八月，俄羅斯債券已跌至30美元左右，該新加坡友人已差不多接近瘋狂了，神經質語無論次至差不多要被強行送進精神病院。

再其後不到三星期的九月初，俄羅斯國債跌至8.5美元時，該新加坡友人無力再補倉，戶口被強行斬倉，損失數以幾億港元計，還要欠下一屁股的債項，結果短期內自殺收場。至於翁主席，幾年後也在渣甸山住所自尋短見結束自己寶貴生命。”

此情此景猶歷歷在吾人之目之記憶，該情景也與現時安盛一眾保險代理在荒唐可笑的消防隊效應下，認為高盧人安盛大到不能倒的想法相類似，而局外人的客觀冷眼旁觀分析高盧人安盛財力，在沒有造假的假設下，其實也祇是碧桂園同級數之貨色而已。

吾人當然擁有有關於高盧人安盛的財務報告表象資料，也有高盧人安盛不想貴局知道的資料。惟現時以閣下之今天信件為憑，吾人與公眾可以毫無疑點的確認閣下及貴局高層，已經將日後高盧人安盛有任何暫時認為無可能而一旦有所差遲的責任 “攬晒上身”，在此刻也不欲多言了。

但日後任何時刻，吾人及公眾若認為貴局有任何疏忽察覺不到、或被蓄意蒙敝、或有確鑿証據、或有足夠理由認為高盧人安盛有財務數據造假疑點並危害公眾時，當會即時挺身而出，以李偲嫣小姐為前鋒，大聲疾呼、摘伏除奸。（吾人現時雖受高盧人安盛及該等Jeneration/Swiss Privilege江西走資洗黑錢幫威脅，旦夕有生命安全之虞，惟未思退縮。蓋人生在世能為公義盡一份微薄之力，勝未盡公民義務苟且多活十年也。）

另之前吾人提及高盧人安盛為人工化造好Swiss Privilege盤數賣俾Jeneration Holdings幕後金主的江西走資洗黑錢幫，特意將高盧人安盛保險以割肉療親的方式涉嫌造假數字，又是否貴局職守監察範圍呢？吾人有此一問，乃純因高盧人安盛乃一保險業務為主的公司，表面初步印象是應由貴局干預的。

若此非貴局職守範圍，則請明確指出指引吾人應該如何處理才是最恰當呢 - 貴局在此一個別問題上的回應，愚意認為責無旁貸？！

願貴局一如既往為民勞心勞力作業回報廣大市民殷切厚望，繼續無畏地監察保險業界恃權貴及挾洋之名自重歪勢力份子。

P. S. 另剛看到一則與經濟是否衰退有關文章如下，若有所悟而再次懇請貴局勿對重大事故發生前的蛛屍馬跡掉以輕心。

Economists are unable to foresee coming recessions.

The main reason is that they do not have forward looking tools to be able to identify recessions.

If you follow economists, you will likely miss the upcoming downturn in the market.

This idea was discussed in more depth with members of my private investing community, The Market Pinball Wizard. Start your free trial today »

Recently, one of my members of Elliottwavetrader was in attendance at the 32^nd Economic Outlook Symposium hosted by the Federal Reserve Bank of Chicago. On the first day, he sat in a room with 150 economists. When asked how many see a recession in 2019, all of two hands went up.

So, let me ask you a question: When was the last time the majority of economists correctly called for a recession? (I think we all know the answer to this one).

In fact, economists are the last people to see recessions coming. And by the time they identify that we are in recession, especially mild ones, they are often just about over by the time they recognize it.

I have often quoted Professor Douglas (a former Luksic Scholar at Harvard University, former Deputy Research Administrator at the World Bank, and former Senior Economist at the IMF) many times in the past, but it certainly is worth the repetition:

“financial markets never collapse when things look bad. In fact, quite the contrary is true. Before contractions begin, macroeconomic flows always look fine. That is why the vast majority of economists always proclaim the economy to be in excellent health just before it swoons. Despite these failures, indeed despite repeating almost precisely those failures, economists have continued to pore over the same macroeconomic fundamentals for clues to the future. If the conventional macroeconomic approach is useless even in retrospect, if it cannot explain or understand an outcome when we know what it is, has it a prayer of doing so when the goal is assessing the future?”

Why does this happen?

Well, I have tried explaining this in detail in a past article, and you can always read it here if you want the further detail.

But, in summary, markets are driven by mass sentiment. When mass sentiment changes direction, the most immediate effect is investor buying and selling of stocks. That is why everyone recognizes the stock market as a “leading indicator” for the economy. But, it is not due to some form of omniscience. Rather, the most immediate manner in which investors can act upon their changing sentiment is by buying and selling stocks.

However, the fundamentals will significantly lag this effect. You see, it takes a lot of time between a changing sentiment and the point at which the delayed data begins to filter into the economist’s reports. In fact, it can be so delayed that by the time they have recognized that we are in a recession, we may be near its completion.

This explains why economists are often the last to be able to prognosticate a turn down in the economy well before it happens. This is even more true for their ability to predict a turn down in the stock market. Moreover, as Professor Douglas so aptly put it, they are often most bullish at the highs, and most bearish at the lows.

So, when one of my members reports that 2 out of 150 leading economists see any potential for a recession, that is something of which you should take note.

Allow me to give you a few more examples of economists who are/were quite certain of their economic perspectives.

Recently, Larry Kudlow, the Director of the National Economic Council, boldly exclaimed on television that "recession is so far in the distance, I can't see it.” Mind you, Mr. Kudlow made this statement just as the stock market began turning down.

Before Janet Yellen stepped down as the Chairman of the Federal Reserve, she said that the banking system is "very much stronger" due to Fed supervision and higher capital levels. She then predicted that because of the measures the Fed has taken, another financial crisis is unlikely "in our lifetime."

I see these economist’s perspective as being akin to the following:

"We will not have any more crashes in our time."

This was said John Maynard Keynes in 1927, two years before the stock market crash which lead to the Great Depression.

"Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as they have predicted. I expect to see the stock market a good deal higher within a few months."

This was said on October 17, 1929, a few weeks before the Great Crash, by Dr. Irving Fisher, Professor of Economics at Yale University. Dr. Fisher was one of the leading US economists of his time.

"I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future."

- E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928

"There will be no interruption of our permanent prosperity."

- Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928

And, these are just a few of the popular quotes of their day. And, by the way, has anyone heard of the Pierce Arrow Motor Car Company? You have not? Well, that is because they went bankrupt during the Great Depression. But, I digress.

As George Santayana wisely said, “those who do not remember the past are condemned to repeat it.” And, as Professor Douglas highlighted, economists have never learned from history.

My perspective remains that the market will likely drop down towards the 2100/2200 region in 2019/2020. You see, from an Elliott Wave perspective, that is the standard target for this degree correction that I am expecting to see within that time frame.

And by the time we approach those regions, the majority of economists will likely move towards agreement that we are in recession, just about the time when I will likely be viewing us as bottoming out in the stock market, and beginning to look back up to 3200+.

So, at the end of the day, if you are using economic indicators to determine your allocation to the stock market, you will most certainly be well behind the curve, and significantly under-performing the stock market based upon history. Will you learn from history, or will you be condemned to repeat it?

Housekeeping Matter

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The Market Pinball Wizard

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subject: Re: 檔號：MC/COMP/18/11/076 - 5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況

subject: 2018年2月底幾日間股價突狂跌十多百份點，市值驟然喪失千多億港元，孰令致之呢？

本人實有足夠理由公開懷疑此高盧國之保險公司已陷入萬劫難復結構性經濟財務困境如下：

① 觀乎昨天Dec 05, 2018其股價，一如所料，再次大幅度下挫近3%之多，足證市場投資者已對高盧人安盛完全失去信心。今天開市在即，股價勢必繼續下挫，反彈無望可言，再跌多跌少的問題而已。

② 再者，2018年2月底幾日間股價突狂跌十多百份點，市值驟然喪失千多億港元，孰令致之呢？

註：高盧人安盛公司股權多由圍內人士及大型專業機構投資者持有，2月底暴跌時成交量猛升，顯然是圍內人對高盧人安盛之春江水是溫暖或還是冰冷先知的效應，101%肯定該暴跌斷斷不會是公眾散戶的沽售原因。

③ 香港保險業監管機構實有責任查究，至少最必要調查的是2月底數日間暴跌十多百分點、“無端” 輸掉市值千多億港元的內在原因，高盧人安盛必須有責任向監察監管機構及股東作出合理透明解釋。

④ 吾人實有理由懷疑並相信是高盧人安盛造了假數，最先察覺的當然是以Mutual Fund持有AXA股份的專業投資機構或高盧人安盛內部知情人士之可說是內幕消息交易，果斷斬纜出售止血另戀愛別股是自然不過的合情合理投資市場行為。

⑤ 高盧人安盛嚴重跑輸大市，斯人獨憔悴，顯然斷非受一般經濟狀況榮枯循環之影響，極可能更壞（沒有最壞，祇會有更壞）的情況必將陸續出現。

⑥ 高盧人安盛公司基本財政狀況結構已是關河蕭索、殘照當樓；敗荷零落、衰柳掩映，秋風敗葉狂颷。前景堪虞，隨時有一瀉千里、潰而繼之後的崩之患。

公眾利益切身間題所在，吾人當盡拋盡棄所有對高盧人安盛之私人針對成見，實事求事、以舉証驗証為基本原則、祇對事實及公眾利益著想為單獨焦點而論事論高盧人安盛之安與危。

subject: 5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況

5.1.1.1 Nov 30, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生與公眾初步分析高盧人安盛是否真的自誇般財力雄厚或自高身價的說大到不能垮 P.

Konnie, being very frank, it has really appeared to me a strong sense of “Deja Vu” in reading your so far so similarly moulded responses/alibis to re-collect what Professor Chan of EOC had always openly said, or blamed, in another word.

4.5.2 眾口一詞指斥怒駡劣跡斑斑高盧人安盛（十三）之【高盧人安盛濫權剝奪代理知情權損平機原則以掩醜東方日報 Nov 20, 2018 當眾無情打臉平機會陳章明誓以實幹實績還清譽】 P.

1.16.4 《史記‧孫子吳起列傳》之兵聖孫子曰：“將受命於帥，軍令不明，帥之過也”。公開信Nov 27, 2018致特首林鄭月娥女士及財政司陳茂波先生指出她/他作為平機會及保監之帥，應負「軍令不明」之過之責 P.

So, I guess the Public and I, as a result of poor judgment and ignorance, had always been mistakenly, wrongly and unfairly blaming on the innocent IA and EOC for always throwing their balls to other people’s courts and that alibi for your job and power areas and resources are rather limited comparing with other Governmental organizations.

This is obviously and extremely unfair to the IA and EOC and the Public and I will seek the very acute and learned comments and guidance from Madam Lam and Mr. Chan, the problems might have stemmed from them 2, so that the future procedures of the 2 organizations may be streamlined in due course.

In passing, Ms Kwan, I had on Nov 25, 2018 submitted the below request, not a complaint unless and until it is ignored after 42 days as mentioned in my submission but a reference no. From your office should be notified to me so that I may remain quiet and patient. This time, I am 101% sure that the buck stops at your Desk, for the Public and I could not possibly be wrong that the IA must be solely and collectively responsible for monitoring the from time to time financial strengths of insurance firms in HKSAR.

5.1.1 Nov 25, 2018公開信致函保監主席鄭慕智先生及總裁張雲正先生十大理由質疑高盧人安盛之財務狀況公眾要求緊急查証AXA最新財務表以安以息眾多保戶無限憂慮疑團 P.

5.1.2 「安盛靠得住猪乸會上樹」 - 高盧人安盛財務狀況堪虞李偲嫣女士領導全港保險代理嚴正要求保監証監金融管理局斥令高盧人安盛馬上遞交最新財務狀況阻止即將發生的另一雷曼兄弟「假帳目真騙子」事件 P.

If, say, this is eventually found not the domain of your knowledge/responsibilities, I mean item 5.1.1, the Public and I would think that the IA staffs can do nothing more in the big and luxury office in Aberdeen and at the same time, say, if I should be again wrong this particular time, I probably may find it very necessary to immediately stab and bloodshed myself and silently swallow your reply by saying “C'est la vie”.

Either you will hear from me, after seeking enlightenment from the 2 really high ranking officials, for further news or, as a lovely vision, and may it be, I may expect to receive a constructive response from you within 42 days, I hope.

If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. Here's a chronological look back at some of the worst examples.

Main players: Founder/CEO/Chairman Dean L. Buntrock and other top executives; Arthur Andersen Company (auditors)

How they did it: The company allegedly falsely increased the depreciation time length for their property, plant and equipment on the balance sheets.

Penalties: Settled a shareholder class-action suit for $457 million. SEC fined ArthurAndersen $7 million.

Fun fact: After the scandal, new CEO A. Maurice Meyers set up an anonymous company hotline where employees could report dishonest or improper behavior.

What happened: Shareholders lost $74 billion, thousands of employees and investors lost their retirement accounts, and many employees lost their jobs.

How they got caught: Turned in by internal whistleblower Sherron Watkins; high stock prices fueled external suspicions.

Penalties: Lay died before serving time; Skilling got 24 years in prison. The company filed for bankruptcy. Arthur Andersen was found guilty of fudging Enron's accounts.

Fun fact: Fortune Magazine named Enron "America's Most Innovative Company" 6 years in a row prior to the scandal.

What happened: Inflated assets by as much as $11 billion, leading to 30,000 lost jobs and $180 billion in losses for investors.

How he did it: Underreported line costs by capitalizing rather than expensing and inflated revenues with fake accounting entries.

How he got caught: WorldCom's internal auditing department uncovered $3.8 billion of fraud.

Penalties: CFO was fired, controller resigned, and the company filed for bankruptcy. Ebbers sentenced to 25 years for fraud, conspiracy and filing false documents with regulators.

Fun fact: Within weeks of the scandal, Congress passed the Sarbanes-Oxley Act, introducing the most sweeping set of new business regulations since the 1930s.

What happened: CEO and CFO stole $150 million and inflated company income by $500 million.

How they did it: Siphoned money through unapproved loans and fraudulent stock sales. Money was smuggled out of company disguised as executive bonuses or benefits.

How they got caught: SEC and Manhattan D.A. investigations uncovered questionable accounting practices, including large loans made to Kozlowski that were then forgiven.

Penalties: Kozlowski and Swartz were sentenced to 8-25 years in prison. A class-action lawsuit forced Tyco to pay $2.92 billion to investors.

Fun fact: At the height of the scandal Kozlowski threw a $2 million birthday party for his wife on a Mediterranean island, complete with a Jimmy Buffet performance.

What happened: Earnings numbers were allegedly inflated $1.4 billion to meet stockholder expectations.

How he did it: Allegedly told underlings to make up numbers and transactions from 1996-2003.

How he got caught: Sold $75 million in stock a day before the company posted a huge loss, triggering SEC suspicions.

Penalties: Scrushy was acquitted of all 36 counts of accounting fraud, but convicted of bribing the governor of Alabama, leading to a 7-year prison sentence.

Fun fact: Scrushy now works as a motivational speaker and maintains his innocence.

Main players: President/COO David Glenn, Chairman/CEO Leland Brendsel, ex-CFO Vaughn Clarke, former senior VPs Robert Dean and Nazir Dossani.

How they did it: Intentionally misstated and understated earnings on the books.

Penalties: $125 million in fines and the firing of Glenn, Clarke and Brendsel.

Fun fact: 1 year later, the other federally backed mortgage financing company, Fannie Mae, was caught in an equally stunning accounting scandal.

What happened: Massive accounting fraud to the tune of $3.9 billion was alleged, along with bid-rigging and stock price manipulation.

How he did it: Allegedly booked loans as revenue, steered clients to insurers with whom AIG had payoff agreements, and told traders to inflate AIG stock price.

How he got caught: SEC regulator investigations, possibly tipped off by a whistleblower.

Penalties: Settled with the SEC for $10 million in 2003 and $1.64 billion in 2006, with a Louisiana pension fund for $115 million, and with 3 Ohio pension funds for $725 million. Greenberg was fired, but has faced no criminal charges.

Fun fact: After posting the largest quarterly corporate loss in history in 2008 ($61.7 billion) and getting bailed out with taxpayer dollars, AIG execs rewarded themselves with over $165 million in bonuses.

How they did it: Allegedly sold toxic assets to Cayman Island banks with the understanding that they would be bought back eventually. Created the impression Lehman had $50 billion more cash and $50 billion less in toxic assets than it really did.

Penalties: Forced into the largest bankruptcy in U.S. history. SEC didn't prosecute due to lack of evidence.

Fun fact: In 2007 Lehman Brothers was ranked the #1 "Most Admired Securities Firm" by Fortune Magazine.

Company: Bernard L. Madoff Investment Securities LLC was a Wall Street investment firm founded by Madoff.

What happened: Tricked investors out of $64.8 billion through the largest Ponzi scheme in history.

Main players: Bernie Madoff, his accountant, David Friehling, and Frank DiPascalli.

How they did it: Investors were paid returns out of their own money or that of other investors rather than from profits.

How they got caught: Madoff told his sons about his scheme and they reported him to the SEC. He was arrested the next day.

Penalties: 150 years in prison for Madoff + $170 billion restitution. Prison time for Friehling and DiPascalli.

Fun fact: Madoff's fraud was revealed just months after the 2008 U.S. financial collapse.

How he did it: Falsified revenues, margins and cash balances to the tune of 50 billion rupees.

How he got caught: Admitted the fraud in a letter to the company's board of directors.

Penalties: Raju and his brother charged with breach of trust, conspiracy, cheating and falsification of records. Released after the Central Bureau of Investigation failed to file charges on time.

Fun fact: In 2011 Ramalinga Raju's wife published a book of his existentialist, free-verse poetry.

【本報訊】廉署調查三家上市公司涉嫌造假帳案件，前晚深夜再拘捕多兩名女子，令被捕人數增至21人。據悉，最新被捕的兩人包括安永會計師事務所一名女經理及一家公司的女東主。據了解，廉署調查的方向除針對有關公司涉嫌偽造商業交易及誇大營業額申請上市外，並關注有關公司上市前後的股份交易。

至昨日傍晚，新被捕的兩名女子仍然被廉署扣留調查，其餘19人則獲准保釋外出候查。廉署調查行動仍然繼續。涉及的3家公司裕豐國際（965）、富昌國際（916）及金禾國際（090）昨日繼續停牌。

另外，案件揭發前不足1個月，上月26日裕豐剛與6間銀行達成1億元的銀團貸款協議，用作收購奧瑪仕（959）及一般營運開支。據參與銀團貸款的人士指出，裕豐已向銀行提取該筆貸款，但按照銀團貸款協議，銀行仍未有足夠理據要求裕豐提早還款，銀行現只能留意情況發展，以決定下一步行動。

中信嘉華（183）及西德銀行為該融資的安排行，共承擔一半貸款額，其餘加拿大豐業銀行佔2000萬元，中銀香港（2388）、道亨及永亨銀行（302），各佔1000萬元。

參與銀團貸款人士表示，該筆貸款並非完全無抵押，而是以一間非上市公司的股權作抵押，並以公司名義作信貸擔保。銀行界人士表示，按一般慣例，三四線公司的銀團貸款條約一般會列明，若公司的財務狀況急速轉壞，公司主要負責人失蹤以致影響公司正常運作，或上市公司停牌超過7至14日，債權銀行才有權要求借貸公司提早還款。

另外，對於案件被捕人士包括安永會計師事務所兩名經理，以及一名執業會計師，會計師公會發表聲明，對案件涉及其會員表示關注；為加強公眾對業界信心，公會已積極檢討其自我監管制度，並研究由業外人士參與監管程序，短期內向政府提交改革方案。

澳洲會計師公會香港分會副會長王銳強表示，不贊成由政府設立獨立機構監管業界運作。他認為有關案件只是個別事件，會計界的監管並非出現很大問題。他指出，只須由獨立人士出任公會紀律委員會主席已足夠，毋須規定獨立人士要佔委員會大多數。另外，上市委員會委員黃紹開表示，上市公司涉嫌造假帳事件屬於少數個案，相信隨着明年4月證券及期貨條例生效，違規的罪行會列入民事及刑事案後，可以發揮阻嚇作用。

國內製鞋龍頭寶成工業（9904）背後的寶成集團，是由現年37歲的寶成蔡家第2代蔡佩君主導，她2012年初就在父親蔡其瑞規劃下，接掌寶成國際集團執行長。

在蔡佩君領軍下，寶成集團持續成長，美國財經雜誌《FORTUNE》旗下網站財富中文網（FORTUNE China），去年12月曾公布《2016年中國最具影響力的25位商界女性》排行榜，蔡佩君更名列第14名，是唯一上榜的台灣人。寶成集團的事業概括為兩大類，就是製鞋代工與運動品銷售，兩大事業分別由在港股上市的裕元工業與寶勝國際負責。

2016年9月，蔡佩君接受《今周刊》專訪時曾表示，儘管寶成是以運動鞋製造起家，但消費市場才是寶成在中國的另一個成長引擎。

寶勝虧損多年　2014年終於轉盈

但在寶勝國際發生假帳事件後，蔡佩君恐將迎來2017年的首個嚴酷挑戰。

在中國有逾6000個據點的寶勝國際，在虧損多年後，終於在2014年轉虧為盈，純益從該年的2900萬人民幣，跳升至2015年的4.05億人民幣。

香港法人樂觀推估，寶勝國際2016年純益可望倍增至8.4億人民幣，2017年更有機會突破10億人民幣大關。

【本報訊】善美環球（448，現稱漢登控股）前主席丁謂被控造假帳案，昨日在高院正式開審。丁謂被控兩項偽造帳目罪名，指他於99年6月揑改會計文件，令善美99年度的帳目有誤導及虛假成份，另外又向核數師安永會計師事務所出示偽造文件，企圖誤導安永。

案件昨日開審，選出8人陪審團。控方指出，控罪主要指99年6月善美公布截至99年1月底止的全年業績中，顯示善美已支付3億元收購電腦公司MicroMainSystems的50%股權。

99年8月善美改名為雅佳控股，不過及後倒閉；2000年8月破產管理署調查公司帳目時，發現該3億元投資有問題，於是將案件轉介警方。

破產管理署的調查指出，並無發現有關收購MicroMain股權的協議及交易文件。警方接手後，未能獲得善美的人員協助調查，惟有接觸為該公司核數的安永。據安永的核數人員表示，他們為善美核數時，該公司曾出示董事局授權丁謂完成收購MicroMain股權的文件，亦有收購協議文本，因此安永相信有關交易是合法進行，而安永亦獲丁謂簽發一份陳述書，證明該宗收購。

控方指出，有關收購是由丁謂透過私人助理，於98年底簽發3張支票支付款項，但及後該筆款項又以3張支票方式存回善美戶口。

不過，控方指出，MicroMain的唯一股東CharlesSun，其妹妹BettyCheng證實，從沒有與丁謂簽署收購文件，文件上出現Cheng的簽名並非她本人。Sun並指有關收購只以口頭協議方式進行，丁謂稱是其個人收購，並無書面文件，而99年3月他曾收過丁謂1089.5萬元作為收購價的首期款項，00年1月再收到1752.8萬元，兩次合計2842.3萬元。Sun表示，曾預備一份交易文件，指出總收購價為4290萬元，交予丁謂希望簽署作實，但丁謂並無簽署，之後亦未有交付餘款，故收購並未完成。

控方表示，事件反映善美從沒有以3億元收購MicroMain，而善美出示的協議文件及公司帳目均為偽造，被告的目的是誇大善美的公司資產值3.03億元，被告明知公司欠債纍纍，故透過不當手法瞞騙債權人。聆訊今日繼續。

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