Troubled Hong Kong financial advice firm Convoy Global is suing 28 people for more than HK$4bn, including former chairman Quincy Wong Lee-Man and former director Roy Cho Kwai-chee who is believed to have fled the country.
Convoy Financial Services, the recently raided Hong Kong financial advisory firm that saw multiple senior executives arrested, plans to restore investor confidence by spending big on hiring more advisers and paying a retention bonus.
Hong Kong’s financial services firms can expect greater regulatory scrutiny as an unprecedented joint probe by the Independent Commission Against Corruption (ICAC) and the Securities and Futures Commission (SFC) paves the way for future investigations.
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.
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.
Two Hong Kong-based insurance brokers face jail sentences for conning Zurich International Life of ILAS commissions totalling HK $600,000.
Hong Kong advisers offering insurance products could face inconsistencies in their overall requirements when a new measure comes into force next year, Old Mutual International’s Mark Christal has warned.
Significant consolidation is expected in Hong Kong as advisory companies adjust to evolving remuneration models.
Convoy chief executive Rosetta Fong explains to Mark Battersby how the company has grown from a firm of just ten in 1993 to more than 1,500 advisers now.
A deal that would have seen one of Asias largest advisory companies, Hong Kong-based Convoy Financial Services, become even larger, has fallen through, after it failed to be completed in the time frame stipulated in the sale agreement.
Convoy Financial Services is set to acquire Singaporean advisory firm IPP Financial Services.
