Carlson Tong and Rimsky Yuen named observers at Cathay Pacific

Tuesday, July 14, 2020

The former chairman of the Securities and Futures Commission, Carlson Tong, and the former secretary for justice, Rimsky Yuen, will be the government's observers at Cathay Pacific Group with immediate effect.

The observers do not have voting rights at board meetings but can attend and speak at all meetings, receive all information and papers distributed to the board, and have access to management and to all information about the company, the government said. 

In June, the government invested HK$27.3 billion in Cathay Pacific through the Land Fund, comprising preference shares with detachable warrants of HK$19.5 billion and a bridge loan of HK$7.8 billion.

The Financial Secretary, Paul Chan Mo Po-said Tong “possesses extensive knowledge and significant experience in the financial services sector.''

He said Yuen is a seasoned legal expert in commercial and civil matters with vast experience in public services and administration.