Cho Kwai-chee cleared in Convoy fraud case
Cho Kwai-chee, founder of Hong Kong's largest private healthcare group, has been cleared of defrauding the stock exchange and investors in financial brokerage Convoy Global Holdings, where he was a director, Bloomberg reports.To get more news about
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He was also found not guilty of making false statements in Convoy's financial statements.
On 29 March 2017, District Court Judge Ernest Lin Kam-hung acquitted Cho of a charge of publishing false statements in the company's 2016 annual report.
Former Convoy directors and co-defendants Christine Chan Lai-yee, 48, and former executive director Bryon Tan Ye-kai, 52, were also acquitted, according to a court ruling handed down today.
The decision is a setback for the Securities and Futures Commission and the Independent Commission Against Corruption, which brought the charges in May 2019.
Both agencies had devoted considerable resources to the investigation, which included several raids and the seizure of property and documents.
The SFC had been investigating Convoy since 2017, after local activist investor David Webb accused the company of being part of an elaborate network of intertwined public companies, causing the share prices of several of them to collapse.
Cho still faces civil claims brought by Convoy's new management against him and several former directors, as well as others accused of siphoning off hundreds of millions of dollars from the company, including through unsecured loans to related parties.-additional reporting The Standard
Cho Kwai-chee cleared in Convoy fraud case
