Police Arrested Eight in USD454m Fraud in HK
Hong Kong Police has raided 13 locations and arrested eight people in a USD454m fraud probe, AFP reports. The five men and three women have allegedly defrauded shareholders of two listed companies and 18 banks. One of the two companies is Egana Goldpfeil Holdings, a producer and distributor of jewelry and watches for brands such as Cerruti, Pierre Cardin and Esprit. Police said that senior managers of the two companies have manipulated accounting records to secure bank loans of USD128m.
30 Per Cent Prefer Small Cars
A recent survey by research group Sinotrust shows that 29.7 per cent of
all people that consider buying a car within a year prefer a subcompact
car. This is a steep increase of 12 per cent compared to the same
survey a year ago. The main reasons behind are higher oil prices and a
looming fuel tax, which will have a considerable impact on larger cars
and SUVs.
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