The Hong Kong Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) today entered into a Memorandum of Understanding (MoU) to formalise and strengthen cooperation in combating financial crime.
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Former Executives of Hong Kong Financial Group Convoy Global Convicted of Fraud, $6.37 Million in Commission for Bonds Placement

24th September 2021 | Hong Kong

Hong Kong district court has convicted 4 executives including 2 senior executives of Hong Kong financial group Convoy Global for conspiring to defraud the company, board of directors, shareholders over the placement of bonds issued by Convoy Global and receiving commission of $6.37 million (HKD 49.6 million) for the transaction.  Hong Kong Deputy Judge Newman Wong found former executives of Convoy Global (Mak Kwong Yiu – Executive Director, Chan Lai Yee – Executive Director, Wong Shuk On – Manager) and Lee Yick Ming General Manager of Gransing Securities, to have conspired to arrange Convoy Global to engage Gransing and Convoy Investment Services as the placing agent and sub-placing agent of its bonds placement, when the bonds were solely placed by Convoy Investment Services.  The transaction earns a commission of $6.37 million (HKD 49.6 million) as sub-placing fee of the bonds placement via Gransing.  The Court found Convoy Investment Services as the actual bond placing agent and the 4 executives had concealed the information from Convoy Global’s board of directors & shareholders and Stock Exchange of Hong Kong.  The case will be heard on 9th October 2021 for mitigation and sentencing.  

“ Former Executives of Hong Kong Financial Group Convoy Global Convicted of Fraud, $6.37 Million in Commission for Bonds Placement “

 



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Hong Kong SFC & ICAC

The Hong Kong Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) today entered into a Memorandum of Understanding (MoU) to formalise and strengthen cooperation in combating financial crime.

In 2017, Hong Kong Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) had conducted a joint operation, and the 4 executives were subsequently charged by ICAC.

Convoy Global Holdings Limited was formerly known as Convoy Financial Holdings Limited. 

 

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