Convoy meeting ends abruptly after dispute

Business | Staff reporter 27 Nov 2020

Convoy's (1019) extraordinary general meeting yesterday was suspended by solicitor Alfred Lam Kwok-cheong within 15 minutes after he realized that the majority shareholders had agreed on Frederick Ma Si-hang chairing the meeting.

The company's EGM started at 6pm yesterday.

Chairman Johnny Chen had not attended the meeting and Lam was the host of the meeting.

Ten minutes after the meeting started, representatives of Kaisa Group's (1638) co-president Kwok Hiu-kwan, Ma and lawmaker Abraham Shek Lai-him wanted to speak but Lam did not allow them.

However, when Lam found out that the solicitor representing Kwok, Tam Lai-ling, had secured an agreement on Ma chairing the meeting from shareholders with a combined 51.2 percent stake, he abruptly stopped the meeting and asked everyone to leave.

Ma said afterwards: "He (Lam) did not know how to host the meeting."

He said he was disappointed about the way Convoy had handled the meeting and said it was a tragedy for the Hong Kong-listed company.

Paul Tse Wai-chun, who represented shareholders with a combined 4.9 percent stake, was blocked from attending the meeting.

Shek asked the government, HKEX and SFC intervene to solve Convoy's governance issues.

The company has not disclosed financial statements since 2017.

Convoy announced plans to sell all platform business and 30 percent of its independent financial advisory business to AGBA for HK$3.1 billion on Wednesday.

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