The South China Morning Post revealed on Friday that the international operations of troubled financial advisory firm, Towry Law are to be significantly scaled back.
The firm is reported to be working with the Hong Kong Securities and Futures Commission (SFC) "on a number of outstanding matters", including issues relating to the failure of two Cayman Islands-based hedge funds aggressively marketed by Towry which subsequently collapsed, costing local clients in the region of $400 million.
Although there is speculation that the SFC will be seeking cash compensation for those Towry Law clients affected by the hedge funds' collapse, the firm's managing director, John Simmonds refused to comment on whether a compensation deal was being discussed.
He told the SCMP that although the scandal was a contributing factor in the decision to close Towry Law offices in Bahrain, Dubai and Japan, and to convert its Hong Kong office into a customer service centre for existing clients, it was not the "driving force".
"Basically, the international operations have not produced the results we would like to see over the past two years, due to difficult market conditions," he explained, adding that: "In the Middle East, we have the war and threat of terrorism. In Hong Kong we had Sars last year."
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