In October 2014, it was reported that Leung Chun-ying, Chief Executive of Hong Kong, had signed an agreement in 2011 with UGL Limited, an Australian engineering firm, in relation to its takeover of DTZ Holdings, a UK-listed real estate services company in which Leung was the director of the company. In agreement, UGL undertook to pay Leung £4 million (HK$50 million) in two instalments in 2012 and 2013 respectively, subject to specific conditions. As these payments concurred with the term of office of Leung Chun-ying as Chief Executive between 2012 and 2017, it has aroused concerns of the public in respect of the nature of payment, potential conflict of interests, relevant systems of declaration of interests and taxation implications.