Shares of Convoy Global Holdings, one of Hong Kong’s largest financial advisory firms, have been suspended from trading in Hong Kong since early December 2017. Photo: Bloomberg
Shares of Convoy Global Holdings, one of Hong Kong’s largest financial advisory firms, have been suspended from trading in Hong Kong since early December 2017. Photo: Bloomberg

Key figure in Hong Kong’s biggest financial scandal at Convoy Global surfaces in a newspaper advertisement to defend himself

  • Convoy former director Roy Cho Kwai-chee places quarter-page ad in Chinese language daily newspaper Sing Tao Daily
Topic |   SFC

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Shares of Convoy Global Holdings, one of Hong Kong’s largest financial advisory firms, have been suspended from trading in Hong Kong since early December 2017. Photo: Bloomberg
Shares of Convoy Global Holdings, one of Hong Kong’s largest financial advisory firms, have been suspended from trading in Hong Kong since early December 2017. Photo: Bloomberg

A former director of Convoy Global Holdings, a key figure in the HK$715 million (US$91 million) legal battle involving surrounding Hong Kong’s biggest financial scandal in decades, has re-emerged in the city after being unreachable for a year.

“There are some people who use various reasons to try to contact myself or my family in what amounts to harassment,” said Dr Roy Cho Kwai-chee, in a quarter-page advertisement on Wednesday in the Chinese language daily newspaper Sing Tao Daily.

Dr. Roy Cho Kwai-chee (middle), Chairman of Town Health International Holdings Company Limited, during a news conference in Hong Kong on October 8, 2000. Photo: SCMP/Garriage Ho.
Dr. Roy Cho Kwai-chee (middle), Chairman of Town Health International Holdings Company Limited, during a news conference in Hong Kong on October 8, 2000. Photo: SCMP/Garriage Ho.
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Cho, whose whereabouts are not known, said in his advertisement that he had engaged the law firm KCL & Partners to protect his reputation, and that he would take legal action to defend himself and his family.

The law firm did not respond to several requests by South China Morning Post to contact Cho.

Trading in Convoy’s shares had been suspended in Hong Kong since December 2017, after the Independent Commission Against Corruption (ICAC) and the Securities and Futures Commission (SFC) initiated a joint action to investigate it for corruption and market misconduct. The agencies raided Convoy's office in December 2017 and arrested four people, including Convoy's former chairman Quincy Wong Lee-man. The company has since appointed a new team of senior managers.

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Convoy’s senior officials, led by chairman Johnny Chen Chi-wang, have filed writs against Cho and other related parties involved in a complex network of companies for their role in the company’s HK$4.043 billion (US$520 million) private placement in 2015.

In one of the writs, Convoy claims HK$715 million in compensation from Cho and 12 others – nine persons and three companies – for a series of transactions that had led to losses at Convoy Collateral.

Cho was dismissed from Convoy’s board last year after the company, the largest independent financial consultant in Hong Kong, could not contact him.

Formal hearings on these writs is expected to begin early next year.

The High Court last week began hearings involving the second largest shareholder in Convoy Global Holdings, Kwok Hui-kwan, who has launched a bid to overrule the company chairman’s decision in December 2017 to revoke his voting rights.