Donald Tsang, chief executive of the Hong Kong Special Administrative Region, said in a statement on Saturday that he had accepted David Li's resignation from the Executive Council (ExCo).
"Mr David Li this morning informed me of his intention to resign from the ExCo," Tsang said, adding that Li had said that the issue of his trading shares of Dow Jones & Company had already come to an end following his settlement with the US Securities and Exchange Commission.
However, Li regretted that the matter had caused public concern and he wished to resign from ExCo, Tsang said.
"I appreciated Mr Li's situation and his priority according to the overall interest of the community.
"I asked him to re-consider seriously his resignation. After serious consideration, he insisted tendering his resignation letter to me this evening," said Tsang.
"I respect Mr Li's decision and have accepted his resignation."
Since Li became an ExCo member in 2005, he had given invaluable advice and contributed to effective governance, Tsang said. "I will miss him greatly and hope that he will continue to serve Hong Kong in other areas," he said.
Leung Chun-ying, convenor of the Non-official Members of the Executive Council, also said he hoped Li would continue to serve the people.
In May 2007, the US Securities and Exchange Commission accused Li of being involved in an inside-trading of Dow Jones & Company shares. Last month, a settlement was reached where Li was ordered to pay US$8.1 million in civil penalty. Li would neither admit nor deny any wrongdoing.
(Xinhua News Agency February 18, 2008)
