StanChart chief shows how to buy low and sell high
Everybody likes to have a bit of extra cash before the festive season, whether it's to do the Christmas shopping, splash out on some decent wines or pay the tax bill.
That could explain why Standard Chartered group chief executive Peter Sands cashed out nearly HK$10 million this week by selling 50,000 shares at GBP15.62 (HK$196.31).
The timing of the disposal was interesting, not just because it came in the middle of the Dubai World crisis but also on the day he visited Vice-Premier Wang Qishan in Beijing.
Sands, who was credited for devising the British government's first rescue plan for that country's banking system in October last year, did not sell any shares during the financial turmoil.
In fact, he subscribed to the bank's rights issue last year and has been sitting on good profits - shares of StanChart have more than doubled year to date.
