Provident fund, trustee punished for compliance breach

Bank Trust Consortium and its arm Asia Insurance receive reprimands and an executive is suspended in Hong Kong.

Jame DiBiasio

January 27, 2005

Hong Kong's Securities and Futures Commission has reprimanded both Bank Trust Consortium and its affiliate, Asia Insurance (Pension Fund), for compliance breaches in a guaranteed fund administered under the Occupational Retirement Schemes Ordinance (ORSO). The SFC has also suspended Asia Insurance's responsible officer, Wong Kok-Ho, for four weeks.

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