I can see it that way, but I can also see that the ornate design at the top of the circle being part of the clock hand making it the long one. Looking at an older design of the logo, you can see that is part of it actually:
If you look at the sign, the ornate part isn't exactly on the 12. It's a minute or so short. You can tell as there isn't a dot visible through the center of the design like at 2, 4, 6, 8, and 10. Actually, the outer ring deviates from the design there as it should be partially visible, but its clearly not there at all. Not sure if thats an oversight, or just the dot is missing for some other reason. Looking at it, I'd say it's 3:59 myself, not that it's a more significant time.
Not to mention, for it to be 12:20, the top hand would have to be to the right of the 12 position, 33% of the way to the 1 position. But that's assuming they actually care enough about their "clock" to make it accurate. lol