Calvin Lau Chuen Yien – ICO Group Ltd and Corrupt Dealings
ICO Group Ltd is a notorious money laundering offshore company which has helped Calvin Lau Chuen Yien amass a lot of wealth. The Paradise Papers exposed this corrupt enterprise a few years ago.
Calvin Lau Chuen Yien was the ultimate benefactor of the deal between Titan Wise Group and ICO Group Limited in 2020. Documentation refers to him as “Mr. Lau”. However, his full name is Calvin Lau Chuen Yien.
He was also the ultimate benefactor of the deal between Leong Yeng Kit and Yanke Group (01460).
The following review shares evidence of how Calvin Lau Chuen Yien benefitted from these various deals and was a huge part of ICO Group Limited, Titan Wise Group and Yanke Group:
Calvin Lau Chuen Yien was a Major Shareholder of ICO Group Limited (Evidence)
The biggest piece of evidence which shows the connection between Calvin Lau Chuen Yien and ICO Group Ltd is the following individual substantial shareholder notice.
Here, the notice highlights that Calvin Chuen Yien (Lau) owned 4,000,000,000 ordinary shares of ICO Group Ltd with stock code 1460 .
It shares that the date of the relevant event is 12-01-2017. And the number of shares involved in the transaction were 40,372,000. The deal took place at the price of 0.200 HKD per share.
In other words, the deal was for over 8 million HKD.
The notice reveals that Calvin Lau Chuen Yien also has 64.98% control over Lavin Diamond SDN BHD. It is located at 221-C, Jalan Manhkota, Taman Maluri, 55100, Kuala Lumpur, Malaysia.
He owns 24,920,000 shares of that company.
When you google Lavin Diamond SDN BHD, you wouldn’t find any information on the company online apart from its registration.
Clearly, that company is another shell company which Calvin Chuen Yien runs to hide his shady deals.
Another Proof of Calvin Lau Chuen Yien’s Involvement in the Shell Company ICO Group Ltd AKA Yanke Group
When you search ICO Group Ltd on SINA’s database, you would find a detailed overview of when the ownership of this company changed hands.
The latest owner of this company is Leong Yeng Kit.
However, 2 years ago, the major shareholder of this company was “Lau Calvin Chuen Yien”. He had 252,804,000 shares of this company on 11-12-2019.
Data shows that that company kept changing ownership between Biz Cloud Limited, Imagine Cloud Limited, Rainbow Field Investment Limited, and Titan Wise Group.
I have shared the proof of these transactions in the later section of this review. After going through them, you will understand how Calvin Lau Chuen Yien was involved in this money laundering scam.
ICO Group Limited – Official Letter Showing How Head & Shoulders Securities Limited Acquired The Share Capital for Titan Wise Group Limited
Below is the official dispatch which reflects how Head & Shoulders Securities Limited had purchased the share capital of ICO Group Limited for Titan Wise Group Limited.
The letter might seem ordinary at first. But it exposes the entire deal.
Lee Cheong Yuen has signed this letter himself. Note that ICO Group Limited is based in Cayman Islands, an offshore location notorious for housing numerous shell companies.
ICO Group Limited claims to be in IT services. However, the company doesn’t have any proof of its dealings anywhere on the internet.
Numerous reports suggests that ICO Group Limited is nothing but a shell company which people use for money laundering.
Lee Cheong Yuen had to release this letter because the transaction was so significant. Although it doesn’t mention the name of Calvin Lau Chuen Yien, it’s still a vital piece of the puzzle.
Here’s the letter:
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ICO Group Limited (Incorporated in the Cayman Islands with limited liability)
(Stock code: 1460)
DESPATCH OF RESPONSE DOCUMENT IN RESPONSE TO VOLUNTARY CONDITIONAL CASH OFFER BY HEAD & SHOULDERS SECURITIES LIMITED FOR AND ON BEHALF OF TITAN WISE GROUP LIMITED TO ACQUIRE ALL OF THE ISSUED SHARES IN THE SHARE CAPITAL OF ICO GROUP LIMITED (OTHER THAN THOSE SHARES ALREADY OWNED OR AGREED TO BE ACQUIRED BY TITAN WISE GROUP LIMITED AND PARTIES ACTING IN CONCERT WITH IT)
References are made to (i) the announcements dated 3 February 2020 and 24 February 2020 and the offer document dated 24 February 2020 (the “Offer Document”) issued by Titan Wise Group Limited (the “Offeror”) in relation to the voluntary conditional cash offer made by Head & Shoulders Securities Limited for and on behalf of the Offeror for all of the issued shares of ICO Group Limited (the “Company”) (other than those already owned or agreed to be acquired by the Offeror and parties acting in concert with it) (the “Offer”); and (ii) the announcements dated 6 February 2020 and 20 February 2020 and the response document dated 9 March 2020 (the “Response Document”) issued by the Company in relation to the Offer. Capitalised terms used in this announcement shall have the same meanings as those defined in the Response Document unless the context requires otherwise.
DESPATCH OF THE RESPONSE DOCUMENT
The Response Document containing, among other things, the letter from the Board, information on the Group, the letter from the Independent Board Committee containing its recommendation to the Independent Shareholders in respect of the Offer, and the letter from Ample Capital containing its advice to the Independent Board Committee in respect of the Offer, has been despatched to the Independent Shareholders on 9 March 2020 in accordance with the Takeovers Code.
Shareholders are strongly advised to read carefully the Offer Document and the Response Document before deciding whether or not to accept the Offer.
The Offer is subject to the Conditions and accordingly, Shareholders and potential investors of the Company are reminded that the Offer may or may not become unconditional.
Shareholders and potential investors are advised to exercise extreme caution when dealing in the Shares. Persons who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor or other professional advisers.
By order of the Board
ICO Group Limited
Lee Cheong Yuen
Chairman, Chief Executive Officer and Executive Director
Hong Kong, 9 March 2020
As at the date of this announcement, the executive Directors are Mr. Lee Cheong Yuen, Mr. Chan Kwok Pui and Mr. Tam Wing Yuen; the non-executive Directors are Mr. Tam Kwok Wah, Ms. Tuon Wai Man and Mr. Tso Hon Sai Bosco; and the independent non-executive Directors are Dr. Cheung Siu Nang Bruce, Mr. Ko Sebastian Yat Fung and Ms. Kam Man Yi Margaret.
The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statements in this announcement misleading.
Another Deal By Calvin Lau Chuen Yien: ICO Group Limited Acquires O2O Limited Convertible Bonds and Promissory Notes
In this section, I have shared another important letter highlighting the deal that occurred between ICO Group Limited and Rainbow Field Investment Limited.
Calvin Lau Chuen Yien was the guarantor in this deal which seems rather odd considering he was among the ‘hidden’ shareholders of ICO Group Ltd.
The documents refer to him as “Mr. Lau” and reflect that he was one of the ultimate beneficial owners and the director of the vendor (Rainbow Field Investment Limited).
Again, if you look up O2O Limited, you wouldn’t find any data on the company online.
The deal involved the acquisition of Nexus Primo Sdn Bhd as well as the various properties under O2O Limited projects.
This letter shows that Calvin Lau Chuen Yien was a 31% owner of Rainbow Field Investment Limited at the time. And he benefited substantially from this deal.
In this transaction, the principal amount of the convertible bonds was RM100 million.
Primarily, the deal concerned the development of an E-commerce platform for the popular Malaysian store Chow Kit Baru.
Additional Documentation Revealing Calvin Lau Chuen Yien’s Connection to Yanke Group AKA ICO Group Ltd:
Below is Head & Shoulders Securities’ voluntary conditional cash offer on behalf of Titan Wise Group Limited. It was for acquiring all issued shares in ICO Group Ltd other than the ones already they already owned.
Again, the vendor is “Rainbow Field Investment Limited” whose 31% owner is Mr. Lau AKA Calvin Lau Chuen Yien.
Calvin Lau Chuen Yien was involved in multiple shady deals of the notorious ICO Group Limited. There is no denying that he amassed a lot of wealth from these transactions.
- Involved in shady deals
- Burying the truth