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Enigma Network


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

PUBLISHED : Friday, 29 December, 2017, 3:30pm Eric Ng
[email protected] Related topics

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More on this story China Green sucked into ‘Enigma Network’ fallout after Convoy lawsuit

20 Dec 2017 Convoy to spend its way back into clients’ favour after ICAC arrests

17 Dec 2017 Convoy sues ex-directors for stealing from US$520m stock placement

19 Dec 2017 Convoy sues executives in clean-up before boardroom showdown

27 Dec 2017 Convoy to grant share options for staff retention

26 Dec 2017
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20 Mar 2018 Judge extends hearing date on ‘enigma network’ to September

7 Mar 2018 Will Hong Kong’s ‘enigma network’ unravel with Convoy hearings?

3 Mar 2018

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


*Extraordinary shareholders meeting to vote on Kwok’s motion to remove eight Convoy board members, and replace them with five of his nominees.

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