KVB Kunlun’s CFO resigns, as changes at the top of the brokerage continue

Maria Nikolova

Wong Yiu Kit, Ernest has tendered his resignation as KVB Kunlun’s CFO less than two weeks after the resignation of Liu Stefan as CEO.

The changes at the top of Hong Kong-focused retail Forex broker KVB Kunlun Financial Group Ltd (HKG:6877) continue. Less than a fortnight after Mr. Liu Stefan resigned as CEO referring to disagreements with the Board, another executive director of the brokerage is leaving the company.

KVB Kunlun has just announced that Mr. Wong Yiu Kit, Ernest (“Mr. Wong”) has tendered his resignation as an executive director, the company secretary, the chief financial officer and an authorized representative of KVB Kunlun. The resignation is with effect from August 16, 2019.

The brokerage says Mr. Wong is leaving in order to devote more time to his other personal engagements. According to KVB Kunlun’s announcement, there is no disagreement between Mr Wong and the Board and there is no other matter regarding the Resignations that needs to be brought to the attention of the shareholders of the company and The Stock Exchange of Hong Kong Limited.

When leaving the company, Mr. Liu stated that his resignation was due to his disagreement with other members of the Board in relation to certain disclosure matters relating to the regulatory impact to the company of the circular issued by the regulator in Hong Kong around June 17, 2019 and the letter dated 5 July 2019 issued by the regulator in New Zealand. In particular, the circular from the Securities and Futures Commission (SFC) states that corporations licensed with the Securities and Futures Commission in Hong Kong, and the communication from the Financial Markets Authority of New Zealand provides that financial services providers, offering leveraged foreign exchange trading or similar services to Mainland investors were requested to immediately review the legality of relevant activities in the People’s Republic of China (“PRC”), and to immediately discontinue any such activities with Mainland investors which have not been approved by the State Administration of Foreign Exchange of the PRC.

According to the email from Mr. Liu, the disagreement concerns the proposed publication of an announcement relating to these update on identification and disengagement of PRC domestic clients.

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