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Troubled Hong Kong penny stock firm appoints new leadership following arrests

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Troubled Hong Kong penny stock firm appoints new leadership following arrests

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HONG KONG (Reuters) - A Hong Kong penny stock firm announced the appointment of new leadership following the anti-graft agency's arrest of its three executive directors last week.

Convoy Global Holdings Ltd <1019.HK> was identified as part of a network of penny-stock firms whose share prices crashed spectacularly in June.

It has appointed Johnny Chen, a former chairman of China at Zurich Insurance Group <ZURN.S> and former executive member of the Greater-China Management Board at PricewaterhouseCoopers, as its executive director and interim chairman of the board, it said on Sunday.

It has also appointed Yap E-hock and Ip Yee-kwan as its executive directors, and named three new independent non-executive directors, Francine Fu, Martin Pak and Yan Tat-wah, it said in a stock exchange statement.

The Independent Commission Against Corruption, in its first ever joint operation with markets watchdog the Securities and Futures Commission, arrested Convoy's three executive directors, Wong Lee-man, Fong Sut-sam and Chan Lai-yee last week.

The trio was suspended by the company following the arrests.

(Reporting by Venus Wu; Editing by Keith Weir)

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