27/09/2021

Ongoing employment dispute in Bank of Asia

2 min read

Carson Wen, Chairman of Sancus Group (Sancus), provides an update on an ongoing employment dispute with their former Deputy Chief Executive of Financial Holdings (BVI) Limited (FHL) and Chief Executive of Bank of Asia, Chad Hole. In 2016, Mr. Holm was terminated as a result of several serious breaches of his Executive Service Agreement with FHL, including engaged in activities that were similar to activities carried out by Bank of Asia like planning the setting up of a competing bank. Meanwhile, FHL also filed another legal proceeding against Chad Hole and two co-defendants for breach of contract, breach of trust and breach of fiduciary duties in the Hong Kong High Court. Mr. Wen expresses that he would continue to pursue all legal options to set the record straight. He also stresses that Bank of Asia’s daily business operation is not affected.

Bank of Asia (BVI) Limited is a fully digital global cross-border bank, established to provide banking and asset management services to offshore companies, high net worth individuals, family offices and trusts across the globe. Through delivering cost effective and user-friendly FinTech solutions, Bank of Asia strives to change the way people bank. In addition to general banking like deposit services in multiple currencies, cross-border payments and remittance, it also provides investment banking, corporate advisory and structured financing, private banking, insurance, investment and asset management services through its business partners.

Bank of Asia was awarded the first banking license in more than two decades by the British Virgin Islands Financial Services Commission in 2017.