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Eric Ng

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 their cross shareholdings are below the disclosure threshold, Webb noted.
6 June 2017
*The Securities and Futures Commission (SFC) suspended trading of Lerado on suspected false disclosure in a 2015 company circular related to an open shares offer

13 July 2017
*Convoy warned of an interim loss in a regulatory filing.
22 August 2017
*Convoy posted HK$140 million (US$17.91 million) of first-half loss, swing from a profit of HK$7.9 million in the same period last year.
30 October 2017
*Kwok Hiu-kwan, a 29.91 per cent shareholder of Convoy and son of Kaisa Group Holdings chairman Kwok Ying-shing, requested a shareholders meeting to expel eight directors from Convoy’s board, proposing to install five of his nominees instead.
7 November 2017
*Patrick Mak Ka-wing resigned as independent non-executive director of Convoy.
21 November 2017
*Ocean Glory, an entity controlled by Fubon Financial Holding’s chairman Richard Tsai Ming-hsing and his family in Taiwan, with 29.98 per cent of Convoy, requested for two non-executive directors to be added to Convoy’s board.
24 November 2017
*Hong Kong’s SFC suspended trading of First Credit Finance, a unit in which Convoy holds 29.5 per cent. Convoy said it expects to make an asset impairment charge of HK$99.5 million.
27 November 2017
*SFC suspended trading of Town Health, founded by Convoy executive director Cho Kwai-chee, on suspicion of making false disclosures.
* SFC also halted trading of China Wah Yan Healthcare on suspected false disclosure.
29 November 2017
*Kenny Chan Ngai-sang resigned as independent non-executive director of Convoy.
7 December 2017
*Convoy requested trading suspension, and suspended two executive directors for assistance in investigations.
*The Independent Commission Against Corruption (ICAC) and the SFC arrested Convoy’s ex-chief executive Mark Mak Kwong-yiu, vice-chairman Rosetta Fong Sut-sam and executive director Christie Chan Lai-yee for suspected corruption
*Lerado Financial, chaired by Mak, said it is cooperating with the ICAC’s investigation
8 December 2017
*ICAC arrested Convoy’s former chairman Quincy Wong Lee-man. The company suspended executive director Chan from her duties.
*Convoy’s board, controlled by Fubon’s Tsai family, appointed three independent non-executive directors. Convoy’s corporate secretary resigned, and a replacement was appointed.

9 December 2017
*Convoy’s board appointed three executive directors including Johnny Chen as interim chairman.
15 December 2017
*Lerado’s auditor Deloitte Touche Tohmatsu resigned, citing audit fees, workload and professional risk.
18 December 2017
*Convoy sued 28 former directors and related parties, alleging losses from improper appropriation of Convoy’s funds.
*Writ claimed that executive director Cho Kwai-chee is the mastermind behind the siphoning of company funds raised in a stock sale by way of circular financing deals with companies associated with him.
21 December 2017
*Convoy removed Quincy Wong Lee-man as chairman, appointed Johnny Chen as chairman
29-Dec-17
*Extraordinary shareholders meeting to vote on Kwok’s motion to remove eight Convoy board members, and replace them with five of his nominees.


Thank you, David Webb, you made Hong Kong a better place

Hong Kong court restores jail terms for 4 in HK$51 million Convoy fraud case

Hong Kong court overturns convictions of broker and 3 executives in alleged scheme to defraud Convoy of HK$51 million

Hong Kong court slaps jail time on four people over plot to defraud Convoy, in a win for city’s anti-corruption investigator

Enigma Network

Timeline: How Convoy morphed from MPF adviser to focus of Hong Kong’s biggest graft probe

Interview with Interim Chairman and Executive Director at Convoy Global Holdings Limited, Johny Chen Chi-wang, at the @Convoy Building in Fortress Hill. 17DEC17 SCMP / Winson Wong

David Webb attends the Administrative Appeals Board hearing at Central Government Offices in Tamar. 13JUL15

China Green suspends trading after being sued by Convoy as ‘Enigma Network’ fallout continues

A man mops the floor outside the "@Convoy” building, which houses the headquarters of Convoy Global Holdings, in Hong Kong on December 11. Convoy has confirmed that three executive directors were arrested by the anti-corruption agency, including Chairman Wong Lee Man. Photo: Anthony Bloomberg

Convoy plans to spend HK$300 million on hiring and bonuses to boost morale after graft arrests

The Hong Kong financial advisory firm will spend HK$300 million to hire more financial advisers and pay a retention bonus to bolster confidence and morale.

Performance of key MPF fund classes in July (%) Month-on-month Year-to-date Asia (ex-Japan) equity fund Asia bond fund China equity fund European equity fund Global bond fund Global equity fund Grater China equity fund Lifestyle fund (40%-60% equity) Lifestyle fund (80%-100% equity) DIS - Core accumlation fund * Performance is culculated from April 3 to July 25 Sources: Convoy, MPFA, Thomson Reuters Lipper SCMP

Press briefing by the executives of Convoy Financial Services Limited, featuring Chief Executive Officer Henry Shin Kin-man (left); Group President and Executive Director Ng Wing-fai (middle) and Interim Chairman and Executive Director Johnny Chen Chi-wang (right), in Fortress Hill. Photo: SCMP / Winson Wong

Convoy sues ex-directors for stealing from financial adviser’s US$520m stock placement

The new management of Convoy Global Holdings, led by interim chairman Johnny Chen Chi-wang, is suing its former chairman and related parties for their role in stealing assets from the company. Photo: Winson Wong

Dr. Roy Cho Kwai-chee (middle), Chairman of Town Health International Holdings Company Limited, tells a news conference on the company's initial public offering (IPO).

Convoy sues executives for theft, ratcheting up its clean-up effort before a boardroom showdown

Pedestrians walk past the "@Convoy" building, which houses the headquarters of Convoy Global Holdings Ltd., in Hong Kong, China, on Monday, December 11, 2017. Convoy confirmed that three executive directors were arrested by the anti-corruption agency, including Chairman Wong Lee Man, according to a filing late Friday. Photo: Bloomberg

Convoy to grant share options for staff retention

Hong Kong shares of Convoy were suspended on December 7, after its stock dropped 7.2 per cent in a single day. Photo: Bloomberg