Hong Kong chief executive received undisclosed £4m payout

Hong Kong chief executive CY Leung received GBP4 million (US$6.467 million) from Australian engineering company UGL (UGL.ASX) in two payments, in 2012 and 2013, after becoming the territory’s top official, The Sydney Morning Herald reported, citing a previously undisclosed contract from December 2011. The payments relate to a deal in which UGL bought an insolvent British property services firm Leung was associated with called DTZ Holdings, whose prospects depended on his network of managers and clients in Hong Kong and the mainland. A statement from Leung’s office to the Herald said the payments were for past services and that the agreement took place before he was elected chief executive.