Key determine in Hong Kong’s greatest monetary scandal at Convoy International surfaces in a newspaper commercial to defend himself
Cho, whose whereabouts are usually not recognized, mentioned in his commercial that he had engaged the legislation agency KCL & Companions to guard his fame, and that he would take authorized motion to defend himself and his household.
The legislation agency didn’t reply to a number of requests by South China Morning Submit to contact Cho.
Buying and selling in Convoy’s shares had been suspended in Hong Kong since December 2017, after the Impartial Fee In opposition to Corruption (ICAC) and the Securities and Futures Fee (SFC) initiated a joint motion to research it for corruption and market misconduct. The businesses raided Convoy’s workplace in December 2017 and arrested 4 folks, together with Convoy’s former chairman Quincy Wong Lee-man. The corporate has since appointed a brand new group of senior managers.
Convoy’s senior officers, led by chairman Johnny Chen Chi-wang, have filed writs in opposition to Cho and different associated events concerned in a fancy community of corporations for his or her position within the firm’s HK$4.043 billion (US$520 million) non-public placement in 2015.
In one of many writs, Convoy claims HK$715 million in compensation from Cho and 12 others – 9 individuals and three corporations – for a collection of transactions that had led to losses at Convoy Collateral.
Cho was dismissed from Convoy’s board final yr after the corporate, the biggest unbiased monetary guide in Hong Kong, couldn’t contact him.
Formal hearings on these writs is anticipated to start early subsequent yr.
The Excessive Courtroom final week started hearings involving the second largest shareholder in Convoy International Holdings, Kwok Hui-kwan, who has launched a bid to overrule the corporate chairman’s choice in December 2017 to revoke his voting rights.