Hong Kong Cracks Down on Fraud : Securities: Some credit the colony’s new governor, Chris Patten, who has made clear his view that business leaders are not above the law.

HONG KONG —  The start of three separate probes by Hong Kong authorities in the last three weeks into the affairs of eight local companies shows they’re taking an increasingly tough stance over alleged violations of company and securities laws, analysts said.

Some believe the timing of the crackdown may be related to the arrival in Hong Kong of the British colony’s new governor, Chris Patten. The former chairman of the United Kingdom’s ruling Conservative Party stressed in his inaugural address that nobody, including business leaders, is above the law.

“The recent burst of investigations is unprecedented and the only thing you can put it down to is a new broom sweeping through,” said Stephen Brown, a regional analyst at Asia Equity.

Last week, the Hong Kong government said it appointed an inspector to examine transactions conducted since 1990 by the real estate and investment company Tomson Pacific; its affiliate, World Trade Centre Group; and their subsidiaries.

The decision to begin the probe was taken on the recommendation of Hong Kong’s securities market regulator, the Securities and Futures Commission.

On Aug. 14, the government appointed an inspector to head a probe into five companies: Allied Group, Allied Properties (H.K.), Crusader Holdings, Paragon Holdings and Wai Yick.

That investigation centers around asset shuffling and share dealings by the companies that are all connected to Malaysian businessman Lee Ming Tee and his Allied Group.

On top of that, on Aug. 25, the SFC said it launched a probe into a possible false market in the stock of consumer electronics firm Hanwah Holdings.

Analysts said the SFC wants to be seen to be taking action to defend minority shareholders’ interests in some high profile cases as a lesson to all Hong Kong’s publicly listed companies.

SFC spokesman Wesley McDade said the regulator didn’t want people to perceive that the series of investigations heralded a clampdown, describing the timing as coincidental.

“However, we have said in the past that we are focusing much more on investor protection and trying to use the means at our discretion to do that,” McDade said.