Otto Poon Lok-to, President of Analogue Holdings Limited and Husband of Secretary For Justice of Hong Kong, Teresa Cheng, was under investigation from the Competition Commission for bid-rigging and price-fixing in a design and construction project for a government contract on replacing air-cooled chillers with screw, which was against the Competition Ordinance.
The company’s stock was in suspension this afternoon, and the price fell rapidly when its status was recovered.
The group announced they were seeking legal advice and was actively cooperating with the Commission in the investigations.
Editor Note: The China-based group has been involved in numerous scandals, including a corruption case with Macau government secretaries. According to section 6(1) of the Competition Ordinance, an undertaking must not (a) make or give effect to an agreement; (b) engage in a concerted practice; or (c) as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong.
It is believed that the investigation had some connection with the Secretary For Justice Teresa Cheng, who claimed to need treatment in the UK cause of an accident but was forced to return to Hong Kong by the CCP.
Source: RTHK News