The chairman of embattled IFA firm Convoy Financial has reportedly been arrested at Hong Kong airport by the region’s Independent Commission Against Corruption (ICAC), just days after three other senior executives were taken into custody on charges relating to corruption.
Three senior executive of Convoy Financial Services, one of Hong Kong’s largest IFA firms, have been arrested on suspicion of corruption and eight properties raided, the Independent Commission Against Corruption (ICAC) has confirmed.
Singapore’s rich could face a tax on their privately-held wealth if the city-state’s finance minister follows through on an off-the-cuff remark he made on Thursday, but analysts are worried it could negatively impact Singapore’s reputation.
The asset management arm of China’s Ping An Insurance has become the second largest shareholder in HSBC after a recent acquisition pushed its stake over the 5% stock exchange notification threshold.
New rules from China’s Central Bank that look to tighten regulations in the asset management industry have reportedly been opposed by 10 national joint-stock banks.
Trading of Convoy Financial Services shares have been suspended on the Hong Kong Stock Exchange (HKSE) following multiple reports authorities have raided offices, homes and arrested executive directors.
Aberdeen Standard Investments has secured registration as a private securities investment fund manager, making it one of only eight foreign asset management firms to gain the licence.
Oxfam has warned that the EU grey list of non-cooperative jurisdictions for tax purposes should not be treated as a way of letting tax havens “off the hook”, as those named try to get to grips with the implications of their inclusion.
In a bid to maximise upfront commission, two Australian financial advisers have been banned from providing financial services for life for falsifying insurance applications on behalf of unsuspecting clients.
The EU has blacklisted 17 jurisdictions, including South Korea and the United Arab Emirates, and put 47 others on notice including Jersey and the Cayman Islands, but it has not said what sanctions or penalties those shamed will face.
China’s financial regulator has resumed the approval process for funds allocating more than 80% of assets to Hong Kong equities after it encountered some bait-and-switch cases prompting a shut down.
HM Revenue & Customs has removed all 19 Hong Kong recognised overseas pension schemes (Rops) from its online notification list.
