Bad news for a lot of young Brits kicking their heels in snooker and pool bars along Bangkok’s Sukhumvit Road. They may need to join a boiler room – that is those who have not already.
The De Vere financial group is the subject of speculation that its boss Nigel Green has been trying to offload the vehicle that brought him millions bit by bit. A name has even been mentioned as a buyer. But caveat emptor.
De Vere, a regular feature of this site, has just been suspended from membership of the Hong Kong Confederation of Insurance Brokers.
The committee directed that notices of the suspension be published in one English and one Chinese newspaper in Hong Kong and the suspension was ordered from today 12 May.
The suspension is believed to relate to multiple ongoing investigations involving De Vere in in Hong Kong.
In order to be registered as an appointed insurance agent, a responsible officer or a technical representative, a person has to satisfy the Insurance Agents Registration Board that he is fit and proper and that he meets all the requirements, including those on qualifications.
De Vere has already been put on a Thailand Securities Exchange Commission investor alert.
Unconfirmed reports even say Nigel Green appears to have already sold out of Hong Kong – next stop Thailand.
The good news of course is that this will do wonders for the level of conversation in Bangkok’s expat bars, where other crooks are much more interesting.