Convoy stymies second-largest shareholder’s bid for board seat, repelling boardroom coup as court verdict looms on fraud case
- Convoy’s lawyer stopped the meeting just 10 minutes after proceedings began and before any vote could be counted
- Fred Ma said he has the support of 51.2 per cent of the votes for him to become chairman of Convoy Global Holdings
A shareholders’ meeting at Convoy’s Wan Chai office was stopped 10 minutes after proceedings began and before votes could be counted, by a corporate lawyer who only provided his surname Lam.
The company allowed only 25 people to attend the meeting, citing Hong Kong’s social-distancing rule to prevent coronavirus infections. Convoy’s spokesman was not immediately available to comment.
The halt marked the second failure since 2017 by Convoy’s second-biggest shareholder Kwok Hui-kwan to nominate his representatives to replace current directors appointed by the largest shareholder: the family of Richard Tsai Ming-hsing of Taiwan’s Fubon Financial Holding.
“I am deeply disappointed and feel sad about Hong Kong’s corporate governance,” said former Hong Kong financial services minister Frederick Ma Si-hang, who represents Kwok’s bid to get on Convoy’s board.