Government launches new batch of Silver Bond (with photos/video)
The Government announced today (September 10) the launch of a new batch of Silver Bond for subscription by eligible Hong Kong residents.
The target issuance size of the Silver Bond is HK$50 billion, with each unit offered at HK$10,000 and a tenor of three years. Interest will be paid semi-annually at a rate linked to inflation in Hong Kong, subject to a minimum of 4 per cent. Hong Kong residents who turn 60 in or before 2025 (i.e. those born in 1965 or before) holding a valid Hong Kong identity card will be eligible for subscription.
The bonds are the retail part of the Infrastructure Bond Programme. Proceeds will be credited to the Capital Works Reserve Fund for investment in infrastructure projects in accordance with the Programme framework. The Government will publish information on the allocation of the proceeds on an annual basis.
The Financial Secretary, Mr Paul Chan, said, "The Hong Kong Special Administrative Region Government continues to issue Silver Bond this year to provide a safe, reliable and low-risk investment option with steady returns for senior citizens, while driving the financial industry to tap into the immense potential of the silver market. This batch of Silver Bond is also issued under the Infrastructure Bond Programme, which will support infrastructure projects for the good of the economy and people's livelihood, and provide our citizens with a 'sense of participation' and a 'sense of gain' in support of Hong Kong's long-term development projects."
The Financial Secretary announced in the 2024-25 Budget that the Government will continue to issue HK$50 billion worth of Silver Bond this year. Subject to market response, the Government may exercise discretion to increase the issuance size to a maximum of HK$55 billion from the original HK$50 billion target.
There will be no secondary market for Silver Bond. Bondholders may sell their bonds before maturity to the Government at par together with accrued but unpaid interest. To encourage greater participation from citizens, a maximum allocation of HK$1 million per investor will be stipulated, meaning that each investor will be allocated 100 units of retail bonds at most.
The subscription period of the Silver Bond will start from 9am on September 30 and end at 2pm on October 14. The bonds will be issued on October 23. Eligible Hong Kong residents may apply for the bonds through one of the placing banks and designated securities brokers. The offering terms and subscription arrangements of the Silver Bond, including the list of placing banks and designated securities brokers, as well as details of the Infrastructure Bond Programme, will be available on the Hong Kong Government Bonds website (www.hkgb.gov.hk).
Government launches new batch of Silver Bond (with photos/video) Source: HKSAR Government Press Releases
Government launches new batch of Silver Bond (with photos/video) Source: HKSAR Government Press Releases
Illegal worker jailed
A Pakistani illegal worker, holding a recognisance form, was jailed by Shatin Magistrates' Courts yesterday (September 16).
During a joint operation conducted by the Immigration Department (ImmD) and the Hong Kong Police Force codenamed "Powerplayer" on July 16, investigators raided a hawker pitch on Tung Choi Street in Mong Kok District. A Paskitani man, aged 30, was arrested while assembling the hawker pitch. Upon identity checking, he produced a recognisance form issued by the ImmD for inspection, which prohibits him from taking employment.Further investigation revealed that he was a non-refoulement claimant.
The illegal worker was charged at Shatin Magistrates' Courts yesterday with taking employment while being a person in respect of whom a removal order or deportation order was in force. After trial, he was sentenced to 22 months and two weeks' imprisonment.
The ImmD spokesman warned that, as stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order,an overstayeror a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years' imprisonment.
The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order,an overstayeror a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years' imprisonment to a fine of $500,000 and 10 years' imprisonment to reflect the gravity of such offences.The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability.The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee's identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker's valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law and employ illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.
Under the existing mechanism, the ImmD will, as a standard procedure, conduct aninitial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation, with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter, temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.
Source: AI-generated images
