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Annals of bad ideas: CEO of Hong Kong brokerage adds compliance officer role

KVB Kunlun Financial Group in Hong Kong announced that its current CEO will assume the additional role of compliance officer.

CEO Liu Stefan is replacing Ng Chee Hung Frederick as compliance officer. Ng left the foreign exchange brokerage last week, according to a report by Finance Magnates.

Ng had served not only as the compliance officer but also as executive director at KVB Kunlun Financial Group.

According to its website, the firm operates in Australia, New Zealand, and Canada, as well as Beijing, Hong Kong. and Taipei. It provides retail foreign exchange trading and other financial services.

In Hong Kong, KVB Kunlun is accredited by the Securities and Futures Commission and also holds a Money Service Operator License issued by the Hong Kong Customs and Excise Department, the firm’s website says.

Finance Magnates said Ng “confirmed that he is leaving on good terms and that his departure reflects no disagreement with the board.”

But the report noted that Ng “parts ways at a difficult time for the firm, as it completed last year with  . . . a 59.1 percent drop [in] year-on-year [profit].”

KVB Kunlun said Ng “has no other matter regarding his resignation that needs to be brought to the attention of the shareholders of the Company.”

Stefan, the current CEO who is also becoming the firm’s compliance officer, joined KVB Kunlun in 2006 as managing director.

He later served as country manager of New Zealand and Australia, the report said.


Richard L. Cassin is the publisher and editor of the FCPA Blog.

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