Albert Wong Kwai-huen announced on Monday that he has resigned from his post as chairman of the Communications Authority (CA) as he realized that he failed to make adequate disclosures in relation to his stock holdings, which included China Mobile.
Wong, who was president of the Law Society of Hong Kong between 2009 and 2011, told a press conference that he had bought some stocks under his name within the two years before he began his two-year term as CA chief in April last year.
Wong admitted he had missed out including telecom giant China Mobile (0941.HK) in the list of his stock portfolio disclosures made to the government before taking office.
He said he realized his oversight only when he sold the whole portfolio recently.
As the situation means that he had violated the government’s disclosure requirements on public officers, he said he submitted his resignation to preserve the credibility of the CA.
The resignation, with immediate effect, was submitted to Chief Executive Carrie Lam Cheng Yuet-ngor last Friday, and it has been accepted, the official said, according to the Hong Kong Economic Journal.
Rules need to be adhered to, he said, adding that he needs to bear the consequences of failing to disclose his share holdings in full.
Given the circumstances, resignation is the most appropriate and responsible thing to do, said Wong, who believes his departure will not have any impact on the CA.
Wong did not make any comment on the amount of shares he held and how they were acquired, but stressed that his negligence in declaring his stock holdings did not affect his work at the authority or cause any conflict of interest, during his term of appointment.
Records reveal that the CA, under Wong’s leadership, fined China Mobile HK$150,000 last year for network system malfunctioning.
Confirming acceptance of Wong’s resignation, a government spokesman said the Commerce and Economic Development Bureau will identify a suitable candidate to replace Wong in accordance with the established procedure as soon as possible for the Chief Executive’s consideration.
The government will announce the appointment at an appropriate time, the spokesman added.
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