Ex-director Of Convoy Global Charged With Fraud
"); jQuery("#212 h3").html("
"); jQuery(document).ready(function() { jwplayer.key='EKOtdBrvhiKxeOU807UIF56TaHWapYjKnFiG7ipl3gw='; var playerInstance = jwplayer("jquery_jwplayer_1"); playerInstance.setup({ file: "https://newsstatic.rthk.hk/audios/mfile_1457873_1_20190516183635.mp3", skin: { url: location.href.split('/', 4).join('/') + '/jwplayer/skin/rthk/five.css', name: 'five' }, hlshtml: true, width: "100%", height: 30, wmode: 'transparent', primary: navigator.userAgent.indexOf("Trident")>-1 ? "flash" : "html5", events: { onPlay: function(event) { dcsMultiTrack('DCS.dcsuri', 'https://news.rthk.hk/rthk/en/component/k2/1457873-20190516.mp3', 'WT.ti', ' Audio at newsfeed', 'WT.cg_n', '#rthknews', 'WT.cg_s', 'Multimedia','WT.es','https://news.rthk.hk/rthk/en/component/k2/1457873-20190516.htm', 'DCS.dcsqry', '' ); } } }); }); });
2019-05-16 HKT 17:04
Share this story
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.
Is Hong Kongs Default Life Insurance Choice A Wealth Drain?
Hong Kong is a city that takes financial security seriously, boasting one of the highest insurance penetration rates in... Read more
RedotPay Secures $107M Series B, Total Funding Hits $194M
RedotPay, a global stablecoin-based payment fintech, has closed a US$107 million Series B round, bringing its total cap... Read more
91% Of Hong Kong Merchants Lose Revenue To Payment Friction
Aspire has released its Hong Kong Ecommerce Pulse Check 2025, highlighting that while mid-sized ecommerce merchants rem... Read more
Do Kwon Faces Possible Trial In Korea After US Conviction
Do Kwon, the crypto tycoon behind the 2022 collapse of TerraUSD and Luna, caused an estimated US$40 billion in investor... Read more
Startale, SBI Holdings To Develop Japans Regulated Yen Stablecoin
Startale Group and SBI Holdings have signed a MoU to jointly develop and launch a fully regulated Japanese yen-denomina... Read more
KakaoBank Expands In Indonesia Through Superbank Partnership
KakaoBank, South Korea’s largest internet-only bank, is accelerating its global expansion through a deepened partners... Read more