joint venture between Sing Tao Holdings and Toronto Star Newspapers Limited in the same year. Toronto Star Newspapers also acquired 75% stake of Canada-incorporated Sing Tao Daily Limited, the publisher of Canada edition. Sing Tao management found guilty of fudging circulation numbers In 1998, members of the management team were found guilty of falsifying circulation numbers for The Standard newspaper, to attract advertisers and to raise the revenue of the newspapers. According to a report by the Center for International Media Assistance, the circulation of Sing Tao Daily and most major Beijing-friendly Chinese newspapers with overseas editions were remain unaudited, and therefore vulnerable to exaggeration: The Standard were audited by Hong Kong Audit Bureau of Circulations Limited as of 2012. The case, later known as Hongkong Standard case or Sally Aw case () was criticised by the public by not suing Sally Aw, the chairwoman of Sing Tao Holdings. Chief executive of Hong Kong, Tung Chee-hwa, in the "Report on the key issues during the second year of the Hong Kong Special Administrative Region of the People's Republic of China" made a defence for decision of the Secretary for Justice Elsie Leung. However, Tung Chee-chen, brother of Tung Chee-hwa, was an independent non-executive director of Sing Tao Holdings since December 1996, while Tung Chee-hwa also served the same position in the 1980s to the 1990s. It was reported that Tung Chee-hwa was a family friend of Sally Aw. Takeover and dismantle As of 1998, the company was still owned by Sally Aw, the daughter of the founder of Sing Tao Daily for 50.04%. It was reported that Aw agreed to sell 23% shares of the company, to Dublin-listed private equity fund China Enterprise Development Fund for a reported HK$115.8 million (HK$1.20 per share) in December 1998. However, Lazard Asia won the final bid to become the controlling shareholder for a reported HK$269 million (HK$1.25 per share). According to Charles Ho who bought Sing Tao Holdings in 2001 from Lazard, also made an attempt to buy Sing Tao, but collapsed. However, Cha denied any formal agreement was signed. Ho's grandfather Ho Ying-chie, also filed a bankruptcy petition against Aw in January 1999. According to Ho Ying-chie, he had lent Aw HK$270 million. According to a reporter, Cha's listed company did announce a deal with Aw to form a new holding company for Sing Tao Holdings in May 1998, but the deal