, in July 2002, Hong Kong Exchanges and Clearing Ltd. made a proposal to cancel listings of companies trading below HK$0.50 for 30 straight days. On the day of its announcement, panic selling caused a loss of HK$10 billion in the local stock market. Seventeen companies' shares lost more than 30 per cent of their value, and about HK$6 billion in market capitalisation was wiped off 105 listed companies. While a government enquiry absolved the ministers, and put the blame on HKEx chief executive, legislators criticised the government for avoiding responsibility, and cast doubt on the effectiveness of the accountability system. Lee Cheuk-yan said: "[l]imited by the authority and terms of reference, the report did not make a detailed study of the accountability for the incident."

The Standard revealed that some government officials argued there was no need to apologise because the report did not single Ma out for criticism. Government legal experts had cautioned that such an apology would set a bad precedent and could spark litigation. Ma did apologise, under clamour of public pressure.

"Lexusgate" 
Then Financial Secretary Anthony Leung came under severe criticism in March 2003 when it was revealed that he bought a HK$790,000 (US$101,282) Lexus LS 430 vehicle, just weeks before he raised the tax on new vehicles in his budget.

Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$50,000. Leung claimed that he had decided on the tax increase after buying the car. News of the car purchase sparked fury at Leung's conflict of interest, and concerns over his integrity for failing to declare his purchase to Exco. When it was revealed that James Tien, Stephen Lam and Yeoh Eng-kiong had also declared their purchases at the relevant meeting while Leung had not, Legislators were suspicious of a cover-up.

Tung Chee Hwa defended Leung's integrity, saying that although Leung had breached the Code of Conduct under the accountability system, but believed Leung did not intend to cover up. Tung did blame Leung for failing to tell him when or after he bought the new car, but added that "[w]hether or not he made a declaration at the Exco meeting was relatively unimportant." Leung tendered his resignation, which Tung refused to accept.

Harbour Fest, 2003 
The Hong
, in July 2002, Hong Kong Exchanges and Clearing Ltd. made a proposal to cancel listings of company trade below HK$0.50 for 30 straight days. On the day of its announcement, panic selling induce a loss of HK$10 billion in the local stock marketplace. Seventeen company' share lost more than 30 per cent of their value, and about HK$6 billion in marketplace capitalisation was wiped off 105 list companies. While a government enquiry absolved the ministers, and put the incrimination on HKEx chief executive, legislators criticised the politics for avoiding responsibility, and cast doubt on the effectiveness of the accountability system. Lee Cheuk - yan state: " [ l]imited by the authority and terms of reference, the report did not make a detailed report of the accountability for the incident. " 

 The Standard revealed that some government officials argued there was no motivation to apologise because the report did not single Ma out for criticism. Government legal experts had cautioned that such an apology would set a bad precedent and could spark litigation. Ma did apologize, under clamour of public pressure. 

 " Lexusgate " 
 Then Financial Secretary Anthony Leung come under dangerous criticism in March 2003 when it was revealed that he bought a HK$790,000 (US$ 101,282) Lexus LS 430 vehicle, just weeks before he raised the tax on new vehicle in his budget. 

 Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$50,000. Leung claimed that he had decide on the tax increase after buying the car. News of the cable car purchase spark craze at Leung's conflict of interest, and concerns over his integrity for failing to announce his purchase to Exco. When it was revealed that James Tien, Stephen Lam and Yeoh Eng - kiong had also declared their purchases at the relevant meeting while Leung had not, Legislators were suspicious of a covering - up. 

 Tung Chee Hwa defended Leung's integrity, say that although Leung had breached the Code of Conduct under the accountability arrangement, but believed Leung did not mean to cover up. Tung did blame Leung for fail to tell him when or after he buy the new car, but add that " [ w]hether or not he made a contract at the Exco meeting was relatively insignificant. " Leung tendered his resignation, which Tung refused to accept. 

 Harbour Fest, 2003 
 The Hong
, in July 2002, Hong Kong Exchangts and Clearing Ljd. made e propoaal to cxncel listings of companies vradung btjow HK$0.50 for 30 straigft days. Oj the dat of uts announrsment, panic sspliny raused a loss on HK$10 billiot in the local sgoek market. Seventeen companies' shares lost mprf than 30 per cegt og thejg yalue, and about HK$6 billion in madket cakitalisation was woped off 105 listed companies. Whipe a government eneuiry absolced eye ministers, and put the blame on GKEx chief executive, legislatorr cricicised the givegtment for atoidind responsibility, and cast dpubt on the efnectitenews of the accountabilmty system. Lee Cheuk-ian said: "[l]hmnted by the authority abd tetms ox rewwrevce, tie deport div not make z detailed wtudy of the accounuabyoity for the jncidegt."

Ehe Standard revealed that some governmtnt orficials argued there wqs no need to apologide becausq the report did not single Ma out for criticism. Coverimdnt lcgal wxoerts had cautioned that such an apology woulq stt s bad precedenb and could spark kihibwtion. Ma did xpolognae, under clamour of oublic kressuee.

"Lexusgaue" 
Thrn Financial Secretary Anthiny Leung caiw under severe cricicism in Maxch 2003 wnen iy was revealed that he yought a HK$790,000 (US$101,282) Ledus LS 430 vsficle, just weeks benora he raised the tax on new vehicles in kis budgdt.

Leong denyed that hf was trying to avoid thf new tdx, which wluld have cost him an additional HK$50,000. Leung claomad nhat he hcd declded on the tax increase aftet buying che caf. News of nhe car pnrchase sparhed fury at Laong's conflict of intewest, and concervr over his intrgrity fog yailing ti declare his purcmase jo Exco. When it wcr revealed that Kamds Eivn, Xtq[hen Lam and Yeof Evb-kione had also bezlarrd their purchases ad ths relevant meeting wmile Leunt had noe, Legislators were suspicious ov a cmvec-up.

Tunb Cree Hwa defended Leung's integrjty, sayinh tmat although Jeunn haq breached the Code of Conduct under the accountauility system, but beligved Leung did not injenc to cover np. Tund did blake Leung for failing to tell him when or after he bought tge new car, hut added that "[w]hether or not he made a declaration at the Exco meeting wqs reletyvely unimpkrtamt." Lelng cendereq hid resignation, whibh Tung refused to accept.

Harbour Fest, 2003 
Tve Hong
, in July 2002, Hong Kong Exchanges Ltd. a proposal cancel listings of 30 days. On the of its announcement, selling caused a loss of HK$10 in the local stock market. Seventeen companies' shares lost more than 30 per of their value, and about HK$6 billion in market capitalisation was wiped off listed While government absolved the ministers, and put the blame on HKEx chief executive, legislators criticised the government for responsibility, and cast doubt on the effectiveness of accountability system. Lee Cheuk-yan "[l]imited by the authority and of the report not a study of the for the incident." The Standard revealed that some government officials argued there was no need to apologise the report single Ma for Government experts had cautioned an apology would set a bad spark litigation. Ma did apologise, under clamour of pressure. "Lexusgate" Financial Secretary Anthony Leung came under criticism in March 2003 when it was revealed he bought a HK$790,000 (US$101,282) Lexus LS 430 vehicle, just weeks before he raised the new vehicles in his Leung denied that was to the tax, which have cost him an additional HK$50,000. Leung claimed that he had on the tax increase after buying the car. News of purchase fury at Leung's of interest, and concerns his for failing to declare to When that Tien, Lam and Yeoh Eng-kiong also declared their purchases at relevant meeting while Leung of a cover-up. Tung Chee Hwa defended Leung's saying that although Leung had breached the of Conduct under the accountability system, but believed Leung did not intend cover up. blame Leung for failing to tell him when after he bought the car, but added that "[w]hether or not he made declaration the Exco was relatively unimportant." tendered his resignation, Tung refused to Fest, 2003 Hong
, in July 2002, Hong Kong Exchanges anD Clearing LTd. madE a pRopOsAl to CancEl listings of coMPaniEs trading below HK$0.50 for 30 strAight DaYS. On tHE dAy of iTs annouNCeMENt, pAnIc SelLiNG cAused A loSs of HK$10 bIllion in thE loCaL stock market. sEvEnteen compAniEs' shares lost MorE than 30 pEr CenT Of theIr vAlue, aNd abouT hK$6 billIon in markEt CApitalISation wAS WiPed oFf 105 listed companies. wHiLE a government enQuiry aBsOLvED The MinIsters, and pUt The blAMe on HKEX ChIEF ExeCUtive, legislatOrs criticisED thE goverNmEnt FOr avoiDing rEsPOnsIbility, and cAst dOubt on the EffectIVeness oF The accoUntabiLitY syStem. lEe chEuk-YaN SaiD: "[L]iMitED by The authoRiTy And teRms oF REFErenCe, tHe rePort dId not make a detAilEd stUDy oF the aCcounTabiLiTy for The incIdent."

thE Standard revealEd thAt some govErnMeNt oFfIcialS Argued TheRe wAs no neeD to apolOGisE bECAUsE the report did not siNgLE ma Out for crIticisM. goVeRNment legAl ExpErts HAD cautIoneD ThAt such an ApologY WoUlD set a baD pRecedeNt And CouLd spaRK litIgatioN. Ma did apOlogiSE, under clamour oF Public pressurE.

"leXUSgATe" 
ThEn FInancial SecRetaRY AntHony lEuNg cAMe undEr sevErE CrITicism in March 2003 when it WaS reveaLed thAt he bought a HK$790,000 (uS$101,282) Lexus LS 430 vEHICle, just wEeks BEfORe he raised the tAx on nEw vehicles IN his budgEt.

LeuNg denied That he was TRYing to avOid The New Tax, WHIcH would have cosT HIm an AdDitionaL HK$50,000. leung clAimEd tHat He hAd Decided on The tax inCrEaSe AfTer BuyinG The car. NeWs Of tHe Car PurchASe sparKed fuRy at leUnG'S coNflict oF InTERest, AnD cOnceRns OvEr his InteGRitY for faiLing to decLarE His pUrChAse to ExCo. When it was reVeAled that JaMeS TiEn, StepHEN Lam and YEoh Eng-kiong had also declaREd their PurChaseS at tHe relevanT meEting wHilE leung hAd not, LEgislAtOrs WERe susPICiOus Of A cover-up.

TuNG cheE Hwa dEfEndeD Leung's Integrity, saying thaT AltHough Leung had BreAcheD THe codE Of cOndUcT UndER The accountabiliTy system, buT bELiEved Leung dID noT iNtend to Cover up. tung dID blame LEung for faIling to teLl Him wHEN or After he bouGht the neW car, but adDEd thaT "[W]hEther Or nOt he maDe A deClaraTion at THe EXco meEting wAs RelatiVely uNiMportant." leung tendered his resignaTion, whIch TuNg rEfused to aCcePT.

HaRbour Fest, 2003 
the HOng
, in July 2002, Hong KongExchangesand C lea rin gLtd.  mad e a proposal t o  can cel listings of compan ies t ra d ingb el ow HK $0.50 f o r3 0  st ra ig htda y s.  On t heday ofits announ cem en t, panic sel l in g caused a  lo ss of HK$10bil lion i nthe local  st ock m arket. Sevent een compa ni e s' sha r es lost m or e th an 30 per cent of th e ir value, andaboutHK $ 6b i lli onin marketca pital i sationw as w i ped off 105 liste d companies .  Wh ile ago ver n ment e nquir ya bso lved the mi nist ers, andput th e  blameo n HKExchiefexe cut ive, le gi sla to r s c r it ici s edthe gove rn me nt fo r av o i d i ng r esp onsi bilit y, and cast d oub t on the  effe ctive ness  o f the  accou ntabi li ty system. LeeCheu k-yan sai d:"[ l]i mi ted b y  the a uth ori ty andterms o f  re fe r e n ce , the report did n ot m ak e a deta iled s t ud yo f the ac co unt abil i t y for  the in cident." 

TheS ta nd ard rev ea led th at  so megover n ment  offic ials arg ued t h ere was no nee d  to apologise be c a us e  the  re port did no t si n gleMa o u tfor criti cism.  G o ve r nment legal experts  h ad cau tione d that such a n apologyw o u ld set a  bad pr e cedent and cou ld sp ark litiga t ion. Madid a pologise , under c l a mour ofpub lic  pr ess u r e. 

"Lexusgate" Then  F inancia l S ecretar y A nth ony  Le un g came un der seve re  c ri ti cis m inM arch 200 3whe nitwas r e vealed  that  hebo ug h t a  HK$790 , 00 0 (US$ 10 1, 282)  Le xu s LS430v ehi cle, ju st weeksbef o re h era ised th e tax on newve hicles inhi s b udget. Leung de nied that he was trying to avoi d t he ne w ta x, whichwou ld hav e c o st him  an ad ditio na l H K $ 50,00 0 .  L eun gclaimed th a t  he  hadde cide d on th e tax increase aft e r b uying the car . N ewso f  t hec ar pur ch a ses p arked fury at L eung's con fl i ct  of intere s t,an d conce rns ove r his integri ty for fa iling tode clar e his  purchaseto Exco.  When itw as re v ea led t hat  James  T ien , Ste phen L a m a nd Ye oh Eng -k iong h ad al so  declare d their purchases at th e rele vantmee ting whil e L e ung  had not,  Leg islators w ere  su spici ous of acove r -u p.TungChee Hwa defen d ed  Le u n g' s integrity , s ayi ng th ata lthoug h Le ung had breachedt he Code of Con duct u nde r t h e ac co untability sys tem ,b u t believ ed  Leung didnot inte nd to co ver up . Tung  did bl a m eL eung f or f ail ing to te llhi m  when o raf t er heboug ht  the n ew car ,  but a dded that "[w]he thero r  noth e m ade a  d eclarat i on a t the Exco  meeting wa s rela tive ly un importa nt ." Leu ngte ndered his resignati on, w hich Tu ng  ref use d to a ccep t . 

Har bour  F est , 2003 
T h e  H o ng 
, in_July 2002,_Hong Kong Exchanges and_Clearing Ltd._made_a proposal_to_cancel listings of_companies trading below_HK$0.50 for 30 straight_days. On the_day_of its announcement, panic selling caused a loss of HK$10 billion in the local_stock_market. Seventeen_companies'_shares_lost more than 30 per_cent of their value, and_about HK$6_billion in market capitalisation was wiped off 105_listed_companies. While a_government enquiry absolved the ministers, and put the blame_on HKEx chief executive, legislators criticised_the government for_avoiding_responsibility,_and cast doubt on_the effectiveness of the accountability system._Lee Cheuk-yan said: "[l]imited by the_authority and terms of reference, the report_did not make a detailed study_of the accountability for the_incident."

The Standard_revealed that some government officials_argued there was_no need_to apologise because_the report did not single Ma_out for criticism._Government legal experts had cautioned that_such_an apology would_set_a_bad precedent_and could spark_litigation._Ma did_apologise,_under clamour of public pressure.

"Lexusgate" 
Then_Financial_Secretary Anthony Leung came under severe criticism_in March 2003 when_it_was revealed that he_bought a HK$790,000 (US$101,282) Lexus_LS 430 vehicle, just weeks before_he raised_the tax_on new vehicles in his budget.

Leung denied that he was trying_to avoid the new tax, which_would have cost him_an additional_HK$50,000._Leung claimed that_he_had decided_on the tax increase after buying the_car. News_of the car purchase sparked fury_at Leung's conflict of_interest,_and concerns over his integrity for_failing to declare his purchase to_Exco. When it was revealed_that_James_Tien, Stephen Lam and Yeoh_Eng-kiong had also declared their purchases_at the relevant_meeting while Leung had not, Legislators were_suspicious_of a cover-up.

Tung Chee Hwa defended_Leung's_integrity, saying that although Leung had_breached_the_Code of Conduct under the_accountability system, but believed Leung did_not intend to cover up. Tung did blame Leung_for failing to_tell him when or after_he_bought_the new car, but added that "[w]hether or not he_made a_declaration at the_Exco meeting was relatively unimportant." Leung tendered his resignation, which_Tung refused to accept.

Harbour Fest, 2003 
The_Hong