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Question 2

You have been engaged by the Hong Kong based Dragon Bank as a financial risk management consultant. Your instructions are to prepare a brief report for the board on what you consider to be the top 5 financial risk management issues facing the bank. In your answer make appropriate reference to relevant Banking Ordinances that address liquidity requirements for Hong Kong banks.

(10 marks – maximum 600 words)

Question 3

Chenxia was employed by the “Pink Rooster” fast food chicken shop as a shop assistant working the night shift. Her duties required attending to customer orders for fast food chicken, hot chips and other related products, cooking the food items that are sold and cleaning the shop. One evening when Chenxia was working her co-worker rang in sick.  Chenxia tried to contact her boss to request another staff member be rostered on but could not contact him. Chenxia was left alone in the shop to handle everything and this left her feeling anxious. As she expected the shop got busy and she had to do everything including putting a large batch of chips in hot oil to cook. As she was running around trying to keep customers happy she slipped and her arm went into the vat of boiling chip fat causing serious burns.

You are engaged by the Pink Rooster board of directors to advise them on their duties under the Occupational Health and Safety Ordinance Cap 509 and whether they may have breached that ordinance. They also want to find out how to better manage the work system at their shops to avoid OHS risks and how to better comply with this ordinance. Advise them.
(10 marks – maximum 600 words)

PART B - You must answer Question 4 and either question 5 or 6. A strict word limit of 900 words applies to question 4, and 600 words for questions 5 and 6.

Question 4 - compulsory

Energy Resources of Brunei (‘ENROB’) was listed on the Hong Kong Stock Exchange (‘HKEX’) to carry on business as an oil exploration company in the South China Sea. ENROB has expanded its activities in recent years to include a number of very risky investments in the energy sector which have created some spectacular profits as well as substantial losses. However ENROB had set up a number of creative partnership arrangements which enabled it to exclude these losses from its financial statements. As a result ENROB has appeared to be one of the most profitable companies in Hong Kong, and its share price has soared. Early in 2006, the HKEX received some complaints about ENROB’s accounting practices, and an investigation commenced. As part of the investigation HKEX requested a report from the ENROB auditors, who were the highly respected chartered accounting firm, Arthur Ng and Son. This firm provided a detailed report in June 2006, which gave justification for the non disclosures and strongly argued that the accounts provided a true and fair view of the company’s position. The report was qualified by a disclaimer that it was prepared solely for the information and use of the HKEX. As a result, HKEX was convinced everything was fine and decided to take no further action.

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