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Convoy Global exec leaves anti-graft agency after questioning

Hong Kong | Dec 7, 2017 19:30
Rosetta Fong Sut-Sam, the deputy chairwoman and executive director of financial advisers, Convoy Global Financial Holdings, (1019) has left the headquarters of the Independent Commission Against Corruption after being questioned for about five hours in connection with an on-going investigation.
In the operation involving about 50 officers today, a dozen people including the company's executives were driven to the anti-graft agency's headquarters for investigation, Headline Daily reported.
Sources told the sister daily of The Standard that some employees were suspected of using the Hong Kong-based company to solicit an advantage of about HK$47 million between March and June 2015.
Earlier today, Fong was escorted from her Sai Kung home by anti-graft officers to the ICAC offices in North Point. Officers also searched her home and removed some documents.
The Headline Daily reports that Fong and Christie Chan Lai-yee, an executive director, were arrested by ICAC officers. They also searched Convoy's head office in North Point.
Chairman Quincy Wong Lee-man and another executive director Cho Kwai-chee are both targets of the investigation, according to the report, but Wong is currently in Taiwan.
In an internal message, the group's president Ng Wing Fai said the people in suspected connection with the case have been suspended from duty and employees were reassured that the company is in good financial health, has a very solid foundation, and that business will continue as usual.
The ICAC has refused to comment, so far.
In May, Convoy Global had been identified by shareholder activist David Webb as one of "50 stocks not to own,'' for undisclosed holdings in companies.
In late November, the Securities and Futures Commission directed the Stock Exchange to suspend all dealings in the shares of First Credit Finance Group Limited, in which Convoy Global holds a 29.50 percent interest.
At 11:04 am today, Convoy Global halted trading in its shares. The stock plunged by 7.22 percent to HK$0.17 before trading was halted.
Fong joined Convoy in 1998 and became vice chairman in January 2015. Last year, she also became the chairlady of Convoy Social Fund.


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