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Following the joint operation of the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) in December 2017, the ICAC today charged five other individuals with conspiracy to defraud (Note 1).
This came after the ICAC charged Mr Cho Kwai Chee, a former executive director of Convoy Global Holdings Limited (Convoy Global), formerly known as Convoy Financial Holdings Limited, with conspiracy to defraud in May 2019 (Note 2).
Ms Chan Lai Yee and Mr Byron Tan Ye Kai, both former executive directors of Convoy Global, were charged by the ICAC with conspiring with Cho to defraud the Stock Exchange of Hong Kong Limited (SEHK), Convoy Global and its board of directors and shareholders between 1 April 2016 and 7 December 2017 by causing Convoy Global’s subsidiary to acquire an investment company owned by Cho at a consideration of over $89 million.
Chan was also alleged to have conspired with three individuals – Mr Mak Kwong Yiu, a former executive director of Convoy Global; Ms Wong Shuk On, a former manager of Convoy Global; and Mr Lee Yick Ming, a general manager of Gransing Securities Co., Limited (Gransing) – to defraud SEHK, Convoy Global and its board of directors and shareholders between 1 June 2014 and 7 December 2017 by inducing Convoy Global to pay over $49.6 million as commission for placement of bonds via Gransing to a brokerage firm of which Mak was a shareholder and director.
Cho, along with the five individuals, will appear before the Eastern Magistracy on 24 July 2019 for mention.
The SFC will continue to collaborate with the ICAC on this matter.
Notes:
- Please see ICAC’s press releases for further details.
- Please see the SFC’s press release dated 16 May 2019 for further details.
