Wednesday, October 16, 2019
Martin Hennecke

Convoy sues ex-director for $20m
<p>Convoy Collateral, a subsidiary of Convoy Global (1019) filed a new writ to the Hong Kong High Court against its former director Roy Cho Kwai-chee and seven other defendants, seeking claims amounting to about HK$20.25 million.</p><p>The defendants include Christie Chan Lai-yee, executive director of Convoy Global - whose duty has been suspended since December 2017 - Ronnie Hui Ka-wah, Ng Yao-kwok, Billy Ng Men-kit, Blue Farm Limited, Cassia Investments Limited and Faris Ibrahim Taha Ayoub, managing director at Cassia Investments.</p><p>The plaintiff said that these defendants drove the company to lend a total of HK$24 million in December 2014 and December 2015. The loan and their extensions were uncommercial, unjustified and not in the best interest of Convoy Collateral as the money lender.</p><p>In addition, as a holding company, Blue Farm has no repayment record and did not provide any guarantee or security for the loans, while loan repayments were made by a third party, Cassia Investments.</p><p>Convoy Collateral believes the former management breached their fiduciary obligations while Ayoub and Cassia Investments dishonestly assisted the former management in breach of their fiduciary duties.</p><p>Cho, 55, has been charged by Independent Commission Against Corruption in May with conspiracy to defraud Convoy Global and the Stock Exchange of Hong Kong.</p><p>&nbsp;</p>
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