SFC brokers Towry Law payouts

Aug 17, 2004

The investment advisor will pay $33 million to disgruntled investors of loss-making hedge funds.

Towry Law International, a financial advisory company owned by UK-based and London-listed HHG, has agreed to pay HK$255.9 million ($33 million) ex-gratia to Hong Kong investors who lost money on mis-sold hedge funds in 2002. Towry Law did not admit any liability in the settlement arranged by Hong Kong's Securities & Futures Commission (SFC); an ex-gratia payment is made as a favour not as an obligation.

Sign in to read on!

Registered users get 2 free articles in 30 days.

Subscribers have full unlimited access to AsianInvestor

Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.

If you are a senior professional at a large institutional asset owner, such as a sovereign wealth fund or pension fund, please contact [email protected] for further assistance.

Questions?

See here for more information on licences and prices, or contact [email protected]