Stolen in Hainan

A wallet? No, in this case a whole hotel is stolen and a NZ company gets stung. A Cheung Ping Kwong sells the hotel belonging to a joint venture and pockets the money. Going by his name, Cheung is from Hong Kong. Property rights in China?

The December 2009 year annual report noted further legal problems with the Hainan Island hotel. MCK dropped a bombshell on April 12 when it said Cheung had sold the hotel, with other joint venture developments, and pocketed all the money. The loss to the NZ company is about $26.1 million.

....

Chairman Wong Hong Ren and managing director BK Chiu stuttered and stumbled as they explained that a company's seal or chop was the most important feature of a company in China, with its "judicial or legal person". Under Chinese law that person, if he or she has access to the chop, has the power to bind a company without needing any other signature

"Wong and Chiu's tale included threats by criminal thugs, concerns over the safety of the Hainan Island hotel staff and pleas by Wong to the local Communist Party officials."

Sigh,... the officials are the problem.

Firefighters to strike over 'extravangant' managers

The managerers will go on strike in retaliation for bad spelling..

Auckland firefighters will go on strike tomorrow and hold their protest at the opening of a new $4.9 million station.

The firefighters would be striking at the opening ceremony of the Mt Roskill station at 11.30am, Auckland Firefighters Union president Jeff McCulloch said.

The firefighters were protesting against their stalled contract negotiations and because they believed senior Fire Service management had made bad and extravagant decisions, including funding the new station.

Senior managers had also "wasted" $500,000 on consultants advising on the refurbishment of the Central Auckland Fire Station, despite firefighters who worked there telling them repeatedly it was not necessary, Mr McCulloch said.

"The list of extravagances and terrible decisions goes on and on, and the waste of public money continues with no-one being held accountable."