Troubled Hong Kong penny stock firm appoints new leadership following arrests
HONG KONG (Reuters) - A Hong Kong penny stock firm announced the appointment of new leadership following the anti-graft agency’s arrest of its three executive directors last week.
Convoy Global Holdings Ltd (1019.HK) was identified as part of a network of penny-stock firms whose share prices crashed spectacularly in June.
It has appointed Johnny Chen, a former chairman of China at Zurich Insurance Group (ZURN.S) and former executive member of the Greater-China Management Board at PricewaterhouseCoopers, as its executive director and interim chairman of the board, it said on Sunday.
It has also appointed Yap E-hock and Ip Yee-kwan as its executive directors, and named three new independent non-executive directors, Francine Fu, Martin Pak and Yan Tat-wah, it said in a stock exchange statement.
The Independent Commission Against Corruption, in its first ever joint operation with markets watchdog the Securities and Futures Commission, arrested Convoy’s three executive directors, Wong Lee-man, Fong Sut-sam and Chan Lai-yee last week.
The trio was suspended by the company following the arrests.