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H.K. Doctor Is Cleared in Massive Securities Fraud Probe

  • Cho had been accused of being part of a ‘nefarious network’
  • Judge ruled there is not enough evidence to prove deception
Cho Kwai-chee
Cho Kwai-cheePhotographer: Anthony Kwan/Bloomberg
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Hong Kong’s securities watchdog has failed to secure convictions in its largest-ever investigation after a key figure in the city’s so-called nefarious networks was cleared of charges.

Cho Kwai-chee, founder of Hong Kong’s largest private health-care group, was found not guilty of defrauding the stock exchange and investors in financial brokerage firm Convoy Global Holdings Ltd., where he had been a director. He was also cleared of charges involving the publishing of false statements in Convoy’s annual accounts. Former Convoy directors, and co-defendants Chan Lai-yee and Bryon Tan Ye-kai were also cleared, according to a court judgment handed down Monday.