Convoy has been embroiled in an ongoing corruption investigation that has seen its shares halted from trading, its offices raided, several directors arrested and a thwarted boardroom takeover.
The company is also suing 28 current and former directors and employees for HK$4.043bn ($516m, €432m, £381m) of company assets stolen through a complex network of companies.
The legal action is specifically targeting former executive director Roy Cho Kwai Chee, who is alleged to have been the ring leader behind illegitimately diverting the funds.
‘Disagreement’ with directors
Tan Ye Kai, also known as Byron, tendered his letter of resignation as an executive director and an authorised representative of the company on 6 January.
According to a statement released by Convoy and its subsidiaries, Tan gave two main reasons for his resignation.
“He has disagreement with the board of directors of the company on: its termination of senior executives and responsible officers of CSL Securities Limited (subsidiary of Convoy) on 5 January 2018; and its initiation of legal action against certain directors and employees in the Group, including Mr Tan himself,” the announcement says.
The announcement does not give further detail if the legal action being taken against Tan is in reference to the case.
Tan is also chief executive of Convoy Capital Hong Kong, a wholly-owned subsidiary of Convoy Global, the announcement does not say if he has resigned from this role, however his profile page on the company website has now been deleted.
