The firm yesterday published a clarification statement on the news website of Hong Kong Exchanges and Clearing, in response to accusations published by the Apple Daily newspaper.
As International Adviser reported last month, Hong Kong-based Convoy’s acquisition of IPP is expected to create one of the largest financial advisory firms in Asia. Convoy has over 1,000 IFAs, while IPP, founded in 1983, has more than 400 employees.
According to the statement, allegations concerning the deal were made in “anonymous letters”. Convoy said it denied the accusations and that all necessary legal and regulatory approvals had been obtained.
It added: “The entering into of the sale & purchase agreement by the purchaser did not violate Singapore laws and the company has made and would make disclosure(s) and announcement(s) in relation to the transaction(s) in compliance with the listing rules.”
