It is strange why UGL continued to make both payments to CY Leung when he was elected into office and it was very apparent the non-competitive clauses and other terms no longer apply, except maybe for the additional commitment of being a referee/promoter from time to time. They claimed he did not provide any service during the 2-year contract period, then why pay for non-delivery of services and when the terms have became obsolete with his new role...
Another bizzarre thing is that UGL is planning to sell DTZ to an US private equity firm at nearly 10 times the price it purchased in 2011. Did the company really had a significant turnaround in 3 years or was the original valuation significantly lower than it should be. Seems like the shareholders could file an investigation on this, particularly since the $50 million payment was deducted from the sale price. Ernest & Young and the DTZ Chairman at the time were both unaware of this arrangement.
In any case, this just goes to show the integrity of CY Leung...don't know why people would find excuses to defend him.
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