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- MPFA will file a winding-up petition against Sing Pao to recover outstanding MPF contributions
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MPFA will file a winding-up petition against Sing Pao to recover outstanding MPF contributions
The Mandatory Provident Fund Schemes Authority ("MPFA") issued a Statutory Demand to Sing Pao Newspaper Management Limited ("Sing Pao") today (18 March 2008), requesting the company to settle the outstanding MPF contributions within 21 days; otherwise, the MPFA will file a winding-up petition to the High Court to wind up the company.
A spokesman for the MPFA said that the MPFA had instituted a number of civil actions and criminal prosecutions against Sing Pao to recover the outstanding MPF contributions. However, Sing Pao ignored the legislative requirements and failed to make MPF contributions for its employees on time. This year, Sing Pao repeatedly breached its undertakings to settle outstanding contributions, including making out a dishonoured cheque. In view of the situation, the MPFA has issued a Statutory Demand to Sing Pao, requesting the company to repay all outstanding contributions and related payments in arrears within 21 days, i.e. on or before 8 April 2008; otherwise the MPFA will file a winding-up petition against the company.
Since 2005, the MPFA has been receiving complaints from Sing Pao's employees who claimed that Sing Pao had been defaulting on MPF contributions since September 2005. So far, the MPFA has recovered about $6.3 million of MPF contributions for Sing Pao's employees, and about $4.2 million of MPF contributions were still in default.
The spokesperson said that the MPFA has all along deployed dedicated staff members to handle Sing Pao's case and will continue to make full effort to recover the default contributions for Sing Pao's employees. Over the past years, the MPFA had not only instituted a number of civil proceedings against Sing Pao, but also taken criminal prosecutions against the company on three occasions. On the first occasion in October 2006, Sing Pao admitted two summonses and was fined $8,000. On the second and third occasions, Sing Pao was fined $72,000. The MPFA started the fourth criminal prosecution against Sing Pao recently, and the hearing has been scheduled for 1 April 2008 at Kwun Tong Magistracy.
In addition, the MPFA had taken various measures to recover the default contributions, including applying for a Garnishee Order and initiating bailiff action.
The MPFA called on Sing Pao's employees to call MPFA's hotline at 2918 0102 should they have any enquiries on the aforesaid action.
End
18 March 2008, Tuesday
A spokesman for the MPFA said that the MPFA had instituted a number of civil actions and criminal prosecutions against Sing Pao to recover the outstanding MPF contributions. However, Sing Pao ignored the legislative requirements and failed to make MPF contributions for its employees on time. This year, Sing Pao repeatedly breached its undertakings to settle outstanding contributions, including making out a dishonoured cheque. In view of the situation, the MPFA has issued a Statutory Demand to Sing Pao, requesting the company to repay all outstanding contributions and related payments in arrears within 21 days, i.e. on or before 8 April 2008; otherwise the MPFA will file a winding-up petition against the company.
Since 2005, the MPFA has been receiving complaints from Sing Pao's employees who claimed that Sing Pao had been defaulting on MPF contributions since September 2005. So far, the MPFA has recovered about $6.3 million of MPF contributions for Sing Pao's employees, and about $4.2 million of MPF contributions were still in default.
The spokesperson said that the MPFA has all along deployed dedicated staff members to handle Sing Pao's case and will continue to make full effort to recover the default contributions for Sing Pao's employees. Over the past years, the MPFA had not only instituted a number of civil proceedings against Sing Pao, but also taken criminal prosecutions against the company on three occasions. On the first occasion in October 2006, Sing Pao admitted two summonses and was fined $8,000. On the second and third occasions, Sing Pao was fined $72,000. The MPFA started the fourth criminal prosecution against Sing Pao recently, and the hearing has been scheduled for 1 April 2008 at Kwun Tong Magistracy.
In addition, the MPFA had taken various measures to recover the default contributions, including applying for a Garnishee Order and initiating bailiff action.
The MPFA called on Sing Pao's employees to call MPFA's hotline at 2918 0102 should they have any enquiries on the aforesaid action.
End
18 March 2008, Tuesday
