Financial regulation

Troubled Convoy appoints six new directors … but they may only last three weeks

PUBLISHED : Sunday, 10 December, 2017, 11:18pm
UPDATED : Sunday, 10 December, 2017, 11:18pm

Troubled financial firm Convoy Global Holdings, whose former chairman and two directors were arrested last week in an unprecedented joint action by Hong Kong’s market regulator and anti-graft body, said it has appointed six new directors – but they may only last three weeks in their new roles.

The appointments include veteran accountant Johnny Chen as interim chairman and five executive directors, Convoy said on Sunday.

The five others appointed to the board are Francine Fu Kwong Wing-ting, Martin Pak Wai-keung, Yan Tat-wah, Yap E Hock and Ip Yee Kwan.

Chen, aged 58, is the senior advisor at LionRock Capital. He was formerly China chairman of Zurich Insurance, and before that he was managing partner of accounting firm PwC’s Beijing office.

ICAC arrests Convoy chairman at the airport as investigation expands to involve Lerado

It marks the company’s latest effort to revamp its corporate governance after Independent Commission Against Corruption officers arrested former chairman Quincy Wong Lee-man, vice-chairman Rosetta Fong Sut-sam and executive director Christie Chan Lai-yee. Former Convoy chief executive and current chairman of Lerado Financial Group, Mark Mak Kwong-yiu, was also arrested.

The six new directors may only be able to stay until the end of this month. In early November, Convoy said one its shareholders, who has a 29.91 per cent stake, was seeking a special shareholder meeting to remove eight directors. That meeting is scheduled for December 29, and whether the six new appointees keep their posts will depend on a shareholders’ poll.