Ugl Agreement

At the 29 October 2014 Council meeting, one member stated that the UGL payments had been made after Leung took office as Executive Chief, resulting in conflicts of interest within the Chief Executive. However, some members noted that under the agreement, UGL had not asked Leung to take on any task on his behalf and had not offered Leung such a task. Others argued, however, that waiving the measures could also be a form of support from the LUC. Referring to the regulation on the prevention of bribes (Chapter 201), it is itself a kind of service to do an act after the acceptance of benefits. [1] In response to members challenging the Chief Executive`s declaration of interest requirements under section 47, paragraph 2 of the GG, the Director General told the Supreme Judge of the Final Court of Appeal that the term “active” was not explicitly defined by the Basic Law and that the content of the corresponding statement was confidential. In concrete terms, with regard to the UGL payments, Lam stated that “the agreed payment is due to Lez`s resignation from the DTZ, and not to a future benefit that should be provided by him for the services provided.” Thus, Leung was not obliged to declare the withdrawal contract. In time, his resignation from DTZ and the conclusion of the contract with UGL took place before he was elected chief executive and, by that time, he had already resigned from ExCo. In connection with the fact that uGL had not provided services after the signing of the withdrawal agreement, Leung was not required to report UGL payments. [1] In October 2014, it was reported that Leung Chun-ying, Chief Executive of Hong Kong, had signed a contract in 2011 with UGL Limited, an Australian engineering firm, in connection with the acquisition of DTZ Holdings, a UK-listed real estate services company, of which Leung was the company`s director. By mutual agreement, UGL agreed to pay Leung in two tranches in two tranches in 2012 and 2013, subject to certain conditions.

As these payments coincided with Leung Chun-ying`s tenure as Chief Executive between 2012 and 2017, she considered the payment to be related to the type of payment, potential conflicts of interest, relevant reporting systems and tax implications. [1] On the same day, Leung Chun-ying signed the agreement, but added a handwritten reference next to clause (2) (1), “provided that such assistance does not create a conflict of interest.” [1] At the same time, DTZ received a competing offer from another company, the Chinese state-owned Tianjin Innovation Financial Investment Company, which had made an offer valuing DTZ at $100 million more than UGL`s offer, but that this more valuable offer was rejected by the DTZ Board of Directors, of which Leung was a member, and was not unlocked to shareholders. [2] It was reported that EY and RBS felt that the turnaround time was too long to cope with the impending liquidity crisis and that the directors decided to choose UGL because “this was the most likely opportunity to provide the best result to creditors”. [3] On December 4, 2011, UGL completed the acquisition of DTZ through the pre-pack sales mechanism at a price of $77.5 million (HK 967.2 million). [1] With total revenues of approximately $180 million, maintenance and rolling service contracts include a multi-year extension of maintenance, project and dismantling services with GLNG for its facility in Queensland Curtis Island, as well as an extension of the framework agreement with Esso for the operation and maintenance of maintenance services on some of its offshore platforms at Bass Strait. Other contracts include a new agreement on operational services and wasteland projects in Queensland`s oil and gas sector, as well as an extension of a Viva Energy contract for maintenance services at its Geelong refinery.

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