Ex-director Of Convoy Global Charged With Fraud
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2019-05-16 HKT 17:04
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A key figure in the financial scandal surrounding listed company Convoy Global Holdings was on Thursday brought to court after being charged with conspiracy to defraud the company and Hong Kong’s stock exchange.
According to a statement issued by the ICAC, Cho Kwai-chee, 55, a former director and shareholder of Convoy Global Holdings, had conspired with other Convoy executives to cause a subsidiary of the company to acquire an investment company – in which he owned 55 percent – in September 2016, for over HK$89 million.
The graftbuster said Cho personally pocketed over HK$57 million from the acquisition.
It said he failed to disclose his stakes in the companies concerned, and the acquisition violated listing rules.
Eastern Magistracy granted Cho bail on HK$700,000 and allowed him to travel to Australia to handle an immigration application for the country.
He is due in court again on July 24.
Convoy Global is one of Hong Kong’s largest financial advisory firms.
The ICAC had in December 2017 arrested four people in connection with the case, including Convoy's former chairman Quincy Wong.
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