The organisers of a lawsuit against Towry Law will stage a seminar in Hong Kong this week to discuss the legal merits of their case and enlist aggrieved former clients of the embattled financial advisory firm.
The proposed lawsuit, which will be pursued under British law, will focus on the alleged mis-selling of four products: the Geared With Profits Bond fund, the Circus Protected Growth fund, the Global Opportunities Trading fund and the Global Diversified Trading fund. All were sold by Towry Law in Hong Kong and, in many cases, investors have faced substantial or total loss on what were said to be low-risk investments.
Denis O'Hare, the action group organiser, and Howard Epstein, a senior partner with Class Law Solicitors, the Britain-based law firm representing investors, is organising a public meeting at the Mandarin Oriental hotel on Tuesday evening.
The Hong Kong visit has been arranged after Mr O'Hare was inundated with responses from disgruntled investors following coverage of the planned lawsuit last month in the Sunday Morning Post. 'The many responses I've had from Hong Kong show that there is a lot of anger there, but there is also a lot of support and a desire to become involved,' said Mr O'Hare, a retired banking and finance executive now living in Cyprus.
More than 100 former Towry Law International clients from countries including Cyprus, Bahrain, Dubai, Japan and Australia have shown interest in taking legal action, but Mr O'Hare says he is keen to get investors from Hong Kong involved as they constitute the largest investor base.
They will have to convince angry investors of the viability of a law suit and assess their claims and contracts.Mr Epstein says he is optimistic of achieving a satisfactory settlement for the TLI investors he is currently representing, such as those in Cyprus.