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Following is the transcript (English portion) of a media session by the Secretary for Financial Services and the Treasury (Designate), Mr Frederick Ma Si-hang, at the Central Government Offices today (June 24):

I'm honoured and delighted to be appointed Secretary for Financial Services and the Treasury. I have worked in the private sector for 29 years and I have worked overseas, in New York, Toronto and London. Although I do not have public service experience, I do believe that my colleagues in the Government are so good that we'll be able to work as a team and to serve the people of Hong Kong. Thank you very much. I'll take questions now.

Reporter: Some reports said that you have close ties with business tycoons and there are also concerns expressed that you may be biased towards the business community......?

Secretary for Financial Services and the Treasury (Designate): As I've said, I have worked in the private sector for 29 years. I do have a lot of friends. And I did have some business dealing with a lot of friends in the business community. But I can assure you that the Government has an excellent check-and-balance system and that from today onwards, it will be done according to the rules. Thank you.

Reporter: You've got strong links with... What are you going to do about it?

Secretary for Financial Services and the Treasury (Designate): I've just explained that first of all, I'm going to sell all of my stock in PCCW. Secondly, of course, I will do whatever to assure that whatever I do is going to be very straight. I have 7,749,000 shares. This is held through a company owned jointly by me and my wife. Thank you.

(Please also refer to the Chinese portion.)

End/Monday, June 24, 2002

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