One of Hong Kong’s biggest financial regulatory investigations saw its first charges filed Thursday.
Cho Kwai-chee, founder of the city’s largest private health-care group, was charged with conspiracy to defraud Hong Kong’s stock exchange and a listed firm where he was director, anti-corruption police said in a statement. Cho benefited financially when he caused Convoy Global Holdings Ltd. to buy an investment company he owned for more than HK$89 million ($11.3 million), the Independent Commission Against Corruption alleged.
“He is innocent of the charge,” Cho’s lawyer Wong Ching said after Cho appeared before a judge Thursday, dressed in a dark suit and held in a metal pen. He was released on HK$700,000 bail.
The full original article can be found at Bloomberg