Harbour Fest, held from October 17 to November 11, 2003, was a collaboration by InvestHK and the American Chamber of Commerce.
It was part of a HK$1 billion program to revive the economy after SARS.
The inquiry found almost every act was overpaid and the total overrun was HK$13.3million.
International acts included Craig David, Michelle Branch, Prince, Westlife and the Rolling Stones.
Viewing audience of the concert clips in the United States was only 600,000 homes in the MTV and MTV2 networks.
They were less than 1 percent of the target audience of 100 million.