https://www.scmp.com/rss/326092/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Alex Lo Alex Lo Like many long-time reporters in Hong Kong, I had occasional dealings with David Webb, the market transparency and shareholder rights crusader who died this week of prostate cancer at the relatively young age of 60. Almost all of my encounters with him over the years were annoying and slightly unpleasant. But they made me respect him all the more. He once chastised me for misstating a relatively obscure Nasa space mission in the 1960s and demanded a print correction. I thought, who cares? But I... https://www.scmp.com/opinion/hong-kong-opinion/article/3339824/thank-you-david-webb-you-made-hong-kong-better-place?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3339824/thank-you-david-webb-you-made-hong-kong-better-place?utm_source=rss_feed Sat, 17 Jan 2026 01:30:08 +0000 Brian Wong Brian Wong Hong Kong’s top court has reinstated the convictions and jail sentences of four conspirators who defrauded a leading finance company of HK$51 million (US$6.6 million) in commissions and bonuses in the city’s biggest corporate scandal in decades. In a unanimous decision on Wednesday, the Court of Final Appeal handed the city’s graft buster the victory in its eight-year effort to hold some of the senior figures of Convoy Global Holdings accountable as part of a larger crackdown on white-collar... https://www.scmp.com/news/hong-kong/law-and-crime/article/3331678/hong-kong-court-restores-jail-terms-4-hk51-million-convoy-fraud-case?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3331678/hong-kong-court-restores-jail-terms-4-hk51-million-convoy-fraud-case?utm_source=rss_feed Wed, 05 Nov 2025 14:44:02 +0000 Brian Wong Brian Wong A Hong Kong appellate court has overturned fraud convictions of three former executives of Convoy Financial Service Holdings and a local broker arising from an alleged scheme to defraud HK$51 million (US$6.5 million) in commissions and bonuses, marking the latest setback in a crackdown on white-collar misconduct. Former Convoy executive director Mak Kwong-yiu, financial controller Christine Chan Lai-yee and manager Wong Shuk-on did not violate market protocols by not disclosing Mak’s stakes at a... https://www.scmp.com/news/hong-kong/law-and-crime/article/3260974/hong-kong-court-overturns-convictions-broker-and-3-executives-alleged-scheme-defraud-convoy-hk51?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3260974/hong-kong-court-overturns-convictions-broker-and-3-executives-alleged-scheme-defraud-convoy-hk51?utm_source=rss_feed Tue, 30 Apr 2024 13:02:52 +0000 Zhang Shidong Zhang Shidong Three former executives of Convoy Financial Service Holdings and a local broker were sentenced to up to seven months in prison, as Hong Kong wrapped up its four-year investigation into the city’s biggest financial malfeasance in decades. Convoy’s former executive director Mak Kwong-yiu was jailed for seven months, while former Gransing Securities general manager Lee Yick-ming was sentenced to five months in prison, Hong Kong’s Independent Commission Against Corruption (ICAC) said in a statement... https://www.scmp.com/business/markets/article/3152605/hong-kong-court-slaps-jail-time-four-people-over-plot-defraud?utm_source=rss_feed https://www.scmp.com/business/markets/article/3152605/hong-kong-court-slaps-jail-time-four-people-over-plot-defraud?utm_source=rss_feed Sat, 16 Oct 2021 09:00:16 +0000 Enoch Yiu Enoch Yiu Hong Kong’s graft busters scored a victory in their attempt to prosecute one of the city’s biggest financial fraud cases in recent decades, when a court declared three former executives of Convoy Global Holdings and a broker guilty of conspiracy to commit fraud. Convoy’s former chief executive Mark Mak Kwong-yiu, former chief financial officer Christie Chan Lai-yee, and former manager Wong Shuk-on were found guilty alongside the broker Lee Yick-ming of charges to defraud the company over a HK$51... https://www.scmp.com/business/banking-finance/article/3149410/hong-kong-court-finds-broker-and-three-ex-directors-guilty?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3149410/hong-kong-court-finds-broker-and-three-ex-directors-guilty?utm_source=rss_feed Mon, 20 Sep 2021 06:55:48 +0000 The Financial Reporting Council (FRC), Hong Kong’s top accounting regulator, said it has begun an investigation into the financial statements of Convoy Global Holdings, and singled out its auditor for failing to raise the red flag on the financial advisory firm’s state of accounts. Convoy, which released its results for 2017 through 2019 on February 18 to fulfil its obligation to resume trading on the Hong Kong stock exchange, should have its accounts put under scrutiny “without delay” because... https://www.scmp.com/business/banking-finance/article/3122832/hong-kongs-regulators-turn-their-scrutiny-convoys?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3122832/hong-kongs-regulators-turn-their-scrutiny-convoys?utm_source=rss_feed Tue, 23 Feb 2021 12:30:17 +0000 Chad Bray Chad Bray Convoy Group Holdings, the financial services company at the centre of Hong Kong’s biggest corporate scandal, reported it made annual losses in 2017, 2018 and 2019 on Thursday as costs mounted from ring-fencing a group of troubled subsidiaries. The firm, one of the most prominent advisers to Hong Kong’s pension savings scheme, warned on February 3 that it would report net losses for those years primarily due to de-risking and restructuring its operations following a scandal that saw its former... https://www.scmp.com/business/banking-finance/article/3122126/convoy-reports-three-years-financial-losses-it-seeks-move?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3122126/convoy-reports-three-years-financial-losses-it-seeks-move?utm_source=rss_feed Thu, 18 Feb 2021 02:15:17 +0000 Enoch Yiu Enoch Yiu Convoy Global Holdings ushered in the new year the same way it closed the old one, with yet another boardroom manoeuvre as two shareholders with razor thin difference in stakes between them jostled for control of one of Hong Kong’s largest financial service providers. The company, controlled by the family of Richard Tsai Ming-hsing of Taiwan’s Fubon Financial Holding, appointed three new directors on January 1 – adding to the two named in November – to expand Convoy’s board to 16 directors,... https://www.scmp.com/business/banking-finance/article/3116299/convoys-board-swells-16-directors-boardroom-manoeuvres?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3116299/convoys-board-swells-16-directors-boardroom-manoeuvres?utm_source=rss_feed Mon, 04 Jan 2021 03:51:36 +0000 Enoch Yiu Enoch Yiu Hong Kong’s anti-corruption agency plans to haul three central figures in one of the city’s biggest financial fraud cases back to court, attempting to overturn the trio’s acquittal last month of conspiring to defraud HK$89 million (US$11.48 million) from Convoy Global Holdings. The Department of Justice has applied to overturn the District Court acquittal of Convoy’s former director Roy Cho Kwai-chee, former chief financial officer Christie Chan Lai-yee and former executive director Byron Tan... https://www.scmp.com/business/banking-finance/article/3114927/icac-haul-trio-heart-convoys-case-back-court-it-appeals?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3114927/icac-haul-trio-heart-convoys-case-back-court-it-appeals?utm_source=rss_feed Tue, 22 Dec 2020 07:00:09 +0000 Enoch Yiu Enoch Yiu Three executives were acquitted of charges of defrauding Convoy Global Holdings in Hong Kong, dealing a blow to the financial regulator’s attempt to instil financial discipline and crack down on white-collar malfeasance in the world’s fourth-largest capital market. District Court Judge Ernest Lin Kam-hung cleared former Convoy director Roy Cho Kwai-chee of one charge of publishing false statements in the company’s 2016 annual report on March 29, 2017. Two of Cho’s associates, former chief... https://www.scmp.com/business/banking-finance/article/3111877/hong-kong-court-acquits-roy-cho-and-two-associates-fraud?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3111877/hong-kong-court-acquits-roy-cho-and-two-associates-fraud?utm_source=rss_feed Mon, 30 Nov 2020 02:49:09 +0000 Enoch Yiu Enoch Yiu Convoy Global Holdings succeeded in repelling an attempt by its second-biggest shareholder to remake the board and management of the company at the centre of Hong Kong’s biggest fraud case, days before the alleged ringleader is expected to receive a verdict in court. 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... https://www.scmp.com/business/banking-finance/article/3111537/convoy-stymies-second-largest-shareholders-bid-board-seat?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3111537/convoy-stymies-second-largest-shareholders-bid-board-seat?utm_source=rss_feed Thu, 26 Nov 2020 23:30:10 +0000 One of Hong Kong’s best known public figures has entered the boardroom tussle for control of a company at the heart of the city’s biggest fraud case, days before a crucial shareholders meeting to determine the fate of Convoy Global Holdings. Frederick Ma Si-hang, representing Convoy’s second-largest shareholder Kwok Hui-kwan, ran full-page advertisements on November 24 in half a dozen of Hong Kong’s newspapers including the South China Morning Post urging the local securities regulator to... https://www.scmp.com/business/banking-finance/article/3111178/former-mtr-chairman-and-minister-fred-ma-enters-fray?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3111178/former-mtr-chairman-and-minister-fred-ma-enters-fray?utm_source=rss_feed Tue, 24 Nov 2020 09:38:03 +0000 Activist investor David Webb, who has been a thorn in the side of both Hong Kong directors and regulators, has been diagnosed with prostate cancer and will shift his website examining corporate governance and regulation in the city to a “more sporadic, semidormant phase”, he said in a blog post on Monday. Webb, a former investment banker, said he visited an orthopaedic surgeon in May because he believed he had a trapped nerve or slipped disc, but learned, following an MRI and biopsy, he had... https://www.scmp.com/business/banking-finance/article/3088050/hong-kong-activist-investor-david-webb-diagnosed-prostate?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3088050/hong-kong-activist-investor-david-webb-diagnosed-prostate?utm_source=rss_feed Mon, 08 Jun 2020 10:15:13 +0000 Enoch Yiu Enoch Yiu Roy Cho Kwai-chee, the alleged mastermind in one of Hong Kong’s largest financial fraud investigations, appears to be a persona non grata as far as the recipients of his philanthropy are concerned. The Education University of Hong Kong, which named the main administration building after him on the back of a HK$25 million donation (US$3.2 million) in 2016, is trying to remove his name, according to two sources familiar with the matter. The nearly 9,000 students and staff at the university, which... https://www.scmp.com/business/banking-finance/article/3011938/philanthropy-recipients-seek-draw-distance-hong-kongs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3011938/philanthropy-recipients-seek-draw-distance-hong-kongs?utm_source=rss_feed Mon, 27 May 2019 23:00:10 +0000 Pollyanna Chu has lost her title as Hong Kong’s richest woman after her listed company turned into Asia’s worst performer this year. Worth almost US$12 billion as recently as January, she’s seen more than half of her wealth wiped out as the stock crashed. Kingston Financial Group, which operates businesses including Macau casinos and margin lending, has tumbled 52 per cent since Hong Kong’s securities regulator in January warned investors that the company’s shares were overly concentrated among... https://www.scmp.com/business/companies/article/2137859/hong-kongs-richest-woman-loses-half-her-wealth-paper-kingston?utm_source=rss_feed https://www.scmp.com/business/companies/article/2137859/hong-kongs-richest-woman-loses-half-her-wealth-paper-kingston?utm_source=rss_feed Mon, 19 Mar 2018 07:45:00 +0000 Francis Choi Chi-ming, a Hong Kong entrepreneur who built his fortune producing toys for brands such as Mattel, will be added to a growing list of defendants in a lawsuit over the city’s biggest financial scam in decades, according to the plaintiffs. Choi, known as the “Toy King”, will join 27 other defendants in a lawsuit brought by Convoy Global Holdings at the High Court. Mr Justice Jonathan Harris adjourned the hearing of the suit to September for Convoy’s legal team to amend their writ. The... https://www.scmp.com/business/companies/article/2136015/judge-extends-convoy-court-hearing-september-plaintiffs-seek-time?utm_source=rss_feed https://www.scmp.com/business/companies/article/2136015/judge-extends-convoy-court-hearing-september-plaintiffs-seek-time?utm_source=rss_feed Tue, 06 Mar 2018 11:58:59 +0000 Enoch Yiu Enoch Yiu The High Court will begin hearings Tuesday in a civil case involving the exceptional story of Roy Cho Kwai-chee, an ethnic Chinese who immigrated as a youngster to Hong Kong from India, gaining professional career success as a doctor, before being linked to one of the biggest corporate investigations in the city’s history. Convoy Global Holdings has filed three lawsuits against Cho, its former director, and scores of other defendants, in a claim amounting to HK$715 million (US$91.41 million). In... https://www.scmp.com/business/markets/article/2135479/will-hong-kongs-enigma-network-unravel-next-weeks-convoy-court?utm_source=rss_feed https://www.scmp.com/business/markets/article/2135479/will-hong-kongs-enigma-network-unravel-next-weeks-convoy-court?utm_source=rss_feed Sat, 03 Mar 2018 04:34:46 +0000 The Hong Kong stock exchange listing committee censured Hong Kong-listed China e-Wallet Payment Group and its directors for incorrectly reporting the company’s results for the first six months of 2015.  The incorrect results were published because a crucial document was lost in transit, the listing committee of the Hong Kong stock exchange said in a filing on Monday. The company’s shares plunged as much as 14 per cent today to an intraday low of HK$0.37. On August 28, 2015, China e-Wallet... https://www.scmp.com/business/companies/article/2130086/china-e-wallet-censured-misstating-profits-after-crucial-update?utm_source=rss_feed https://www.scmp.com/business/companies/article/2130086/china-e-wallet-censured-misstating-profits-after-crucial-update?utm_source=rss_feed Mon, 22 Jan 2018 23:01:14 +0000 Enoch Yiu,Eric Ng Enoch Yiu,Eric Ng Here’s the cast of characters in the tangled web of Convoy Global Holdings, one of Hong Kong’s largest financial advisory firms, with 100,000 customers including the city’s Mandatory Provident Fund. The company, listed in 2010, is now the subject of the city’s largest financial investigation in decades, a joint operation by the Independent Commission Against Corruption (ICAC) and the Securities and Future Commission (SFC). Timeline: How Convoy morphed from MPF adviser to focus of Hong Kong’s... https://www.scmp.com/business/investor-relations/article/2126172/explainer-whos-who-tangled-web-convoy-enigma?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/2126172/explainer-whos-who-tangled-web-convoy-enigma?utm_source=rss_feed Fri, 29 Dec 2017 09:30:15 +0000 15 May 2017 *Convoy Group Holdings was among 50 Hong Kong companies identified in a blog post entitled Enigma Network: 50 stocks not to own, by shareholder activist David Webb. Convoy is linked to at least 10 other companies in the network, including Town Health International Medical Group, Lerado Financial Group Company, Jun Yang Financial Holdings and China Wah Yan Healthcare. The web disguises the true identity of shareholders with significant voting power if they act in concert, because... https://www.scmp.com/business/companies/article/2126134/timeline-how-convoy-morphed-mpf-adviser-focus-hong-kongs-biggest?utm_source=rss_feed https://www.scmp.com/business/companies/article/2126134/timeline-how-convoy-morphed-mpf-adviser-focus-hong-kongs-biggest?utm_source=rss_feed Fri, 29 Dec 2017 07:30:30 +0000 Enoch Yiu Enoch Yiu The management team at Convoy Global Holdings, the troubled financial advisory firm at the centre of a joint investigation by Hong Kong’s anti-graft agency and securities regulator, has averted a showdown with a major shareholder who’s out to dismiss them. Kwok Hiu-kwan, the second-largest Convoy stakeowner with 29.91 per cent of the company, had called for a shareholders’ meeting on the final trading day of 2017, intending to dismiss a management team led by chairman Johnny Chen Chi-wang, who’s... https://www.scmp.com/business/companies/article/2126125/convoy-thwarts-shareholders-coup-attempt-leaving-management?utm_source=rss_feed https://www.scmp.com/business/companies/article/2126125/convoy-thwarts-shareholders-coup-attempt-leaving-management?utm_source=rss_feed Fri, 29 Dec 2017 06:55:35 +0000 China Green, the Hong Kong trading firm named this week as a defendant in a court writ filed by troubled financial firm Convoy Global Holdings, has denied it was a placee in a share placement linked to Convoy’s former chairman, who is now being sued for asset theft from the HK$4.04 billion placement. China Green was named by stock commentator and activist investor David Webb in the so-called “Enigma Network” of 50 listed businesses that he claimed had cross holdings in each other, including... https://www.scmp.com/business/companies/article/2125164/latest-enigma-salvoes-fired-china-green-denies-being-convoy?utm_source=rss_feed https://www.scmp.com/business/companies/article/2125164/latest-enigma-salvoes-fired-china-green-denies-being-convoy?utm_source=rss_feed Thu, 21 Dec 2017 01:39:19 +0000 China Green Holdings, named by stock commentator and activist investor David Webb in the so-called “Enigma Network” of 50 penny stocks trading in Hong Kong, suspended trading on Wednesday after the company was sued by Convoy Global Holdings in a legal action against 28 defendants for causing it substantial financial losses. Webb issued the report on the network in May, identifying 50 listed businesses that he said had cross holdings in each other, including Convoy, and had approved loans and... https://www.scmp.com/business/companies/article/2125042/china-green-suspends-trading-after-being-sued-convoy-enigma?utm_source=rss_feed https://www.scmp.com/business/companies/article/2125042/china-green-suspends-trading-after-being-sued-convoy-enigma?utm_source=rss_feed Wed, 20 Dec 2017 04:46:09 +0000