SFC brokers Towry Law payouts

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.

The SFC says Towry Law's offices in Hong Kong will remain open until the payments are completed, which it anticipates will be by the end of March 2005. The payments will be covered by a combination of insurance and funds already held in...

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