• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Wealth management

Hong Kong’s Convoy Global latest sees executive director Tan Ye Kai resign

Hong Kong’s Convoy Global latest sees executive director Tan Ye Kai resign
  • Helen Burggraf
  • 10 January 2018
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Tan Ye Kai has resigned from his post as executive director of  Hong Kong’s Convoy Global Holdings, and Ip Yee Kwan has been named an executive director, as a complex, ongoing boardroom battle at the listed financial advisory firm continued on Tuesday.

Tan – who is also known as Byron, according to a Bloomberg corporate profile – said in a letter that he was resigning because he “has [a] disagreement with the [company’s] board of directors” on such matters as its termination of senior executives and responsible officers of CSL Securities Ltd on 5 January, and its initiation of legal action against certain directors and employees in the group, “including Mr Tan himself”, a statement on the company’s website says.

Related articles

  • Boardroom battle continues at Hong Kong’s Convoy Global
  • Trio of Convoy lawsuits to be heard in tandem in Hong Kong
  • Hong Kong’s Convoy unveils plans to spend money on hiring, bonuses in wake of arrests
  • Convoy latest: HK anti-corruption squad searches listed med group’s offices

Apart from these issues, “there is no matter in connection with the resignation of Mr Tan that needs
to be brought to the attention of the shareholders of the company or the [Hong Kong] Stock Exchange”,  where Convoy Global’s shares are traded, the statement adds.

Tan has been in his role at Convoy since February 2015, according to Bloomberg, which noted that he is an Australia-trained Certified Public Accountant and Chartered Financial Analyst.

As reported, the Convoy Global saga was kicked off in early December, when two senior Convoy executives were among three representatives of companies listed on the Hong Kong Stock Exchange arrested in an ongoing clampdown on corruption in the Special Administrative Region of China, as part of a joint operation by the Securities and Futures Commission and Hong Kong’s Independent Commission Against Corruption.

According to the South China Morning Post – one of several Hong Kong publications to cover the Convoy matter in recent weeks – a “struggle for control and clean-up” of “one of the city’s largest financial advisory firms” lies at the heart of the Convoy saga. It is estimated that Convoy has as many as 100,000 customers, including the Mandatory Provident Fund.

Towards the end of the month, the SCMP reported that Convoy had “filed a second lawsuit in a week against two company insiders, ratcheting up a series of legal actions to recover billions of dollars of [allegedly] stolen assets”.

A few days later, Kwok Hiu-kwan, described as a businessman who owns 4.47 billion shares of Convoy, or a 29.91% stake in the advisory firm, issued a statement criticising a decision made by the company’s chairman, Johnny Chen Chi-wang, two days earlier, at a shareholders’ meeting, “to invalidate Kwok’s shares in a vote on Kwok’s motion to remove six existing directors and appoint three he nominated”, the SCMP reported. 

Further salvos came from Convoy in the following days, most of which may be viewed in the Investor Relations Announcements section of the company’s website, which included a response to Kwok’s claims about his shareholding (“the company is currently seeking legal advice in respect of the petition”)  and assurances that the company would “keep the shareholders and potential investors informed of any further material development by way of announcement[s] as and when appropriate”.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Wealth management
  • Asia
  • Convoy Global Holdings
  • Hong Kong

More on Wealth management

Majority of Singaporeans forced to reduce savings due to pandemic: research

  • Wealth management
  • 24 February 2021
HSBC AM unveils new alternatives investment team

  • Alternative
  • 17 February 2021
UAE's new trusts law designed to 'support wealth management sector'

  • Wealth management
  • 11 February 2021
Quilter Financial Adviser School to offer digital courses

  • Wealth management
  • 11 February 2021
Liontrust expands multi-asset team and removes VAT from MPS

  • Wealth management
  • 02 February 2021
Back to Top

Most read

HSBC Singapore CEO to leave for Saudi British Bank
HSBC Singapore CEO to leave for Saudi British Bank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading