(16 February, Hong Kong ) Octopus Cards Limited is committed to ensuring that
the customers who use our service each and every day continue
to do so with the full confidence and trust that have made
us an integral part of daily life in Hong Kong.
The Board of Directors of Octopus Cards Limited takes this matter very seriously
and has established a Special Board Committee, under the
Chairmanship of Independent Director, Mr. Roger Luk, to oversee
management of this matter. Mr. Luk is a former Legislative
Counsellor and a former Deputy Chief Executive of Hang Seng
Bank.
We will continue to work closely with
the Hong Kong Monetary Authority (HKMA) and with Professor
Chan Chi Fai, whom the HKMA has asked to serve as an Independent
Advisor to oversee the implementation of the independent
review of the EPS add-value incident and the operational
and technology aspects of Octopus Cards Limited.
Octopus Cards Limited and HKMA have
agreed on the scope of the review and Octopus Cards Limited
is in the process of appointing a leading international management
consulting firm. That appointment will be subject to HKMA
approval. Once those discussions have been completed we will
announce the name of that firm and the timeline for the review.
Our objective with this review is
to determine the reasons for the transaction failures and
to outline the technical or operational adjustments that
need to be made to the system to ensure that this will not
happen again. Once that review has been completed, we will
work with the HKMA and with its Advisor, Professor Chan Chi
Fai, to immediately implement any adjustments required.
In the interim, we are acting on the
HKMA recommendation to expand the temporary suspension to
all EPS add-value transactions and will be working with our
commercial partners to carry this out as soon as possible.
The HKMA, in its press release issued
today, also referred to a limited number of failed EPS add-value
transactions occurring before December 5, 2006. The independent
review will be designed to determine the full scope of this
matter and all affected customers identified during that
review will be notified and any refunds due them will be
provided.
We are committed to keeping the public
informed of progress as we carry out this review process.
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