Gov’t denies Chui ready to head new investment firm

The government has denied media reports that Chief Executive Chui Sai On is expected to head a new investment firm after he leaves office.

On Friday, the Executive Council announced that it was proposing the establishment of the new Macau Investment Development Fund Management Company, which would have the purpose of improving long-term public financial resources (more on p7).

According to a report by All About Macau, “it has long been rumored in political circles” that incumbent Chief Executive Chui Sai On would head the new investment firm after he left his post as Macau’s top official.

The idea of establishing such an investment firm had been proposed by the Chui administration in the drafting of the city’s first Five-Year Development Plan.

However, the Government Spokesperson’s Office has issued a statement to deny reports of Chui assuming a new role following the termination of his duties as Chief Executive.

“Regarding the news published July 27 in a newspaper on the post that Chief Executive Chui Sai On will assume after the termination of his duties as head of the Government of the Macau Special Administrative Region, the Office of the Government voice clarifies that the news has no basis, nor is there any plan as indicated in the report.”

Chui is Macau’s second Chief Executive since the 1999 transfer of sovereignty from Portugal to China. He will be formally replaced by his successor, Ho Iat Seng, in December this year.

After serving two terms at the helm of the government, Macau’s first Chief Executive, Edmund Ho, now heads a number of local industrial, financial, educational, sports and charity associations and institutions. DB