The infraction - people familiar with the matter now say, was Turner’s role in a hiring situation that involved a relative of Carol Hui, a senior official at the Insurance Authority of Hong Kong. Hui had approached Prudential as her son was looking for a job.
Who Is Hui - Hui was the executive director of the agency’s long-term business division, which regulates the activities of Prudential, AIA Group and other life insurers in the city. Prudential, whose logo is a woman holding a serpent and a mirror, is unrelated to Prudential Financial, the U.S. life insurer.
Hui, who had been the lead Hong Kong regulator for life insurers since 2017, left after finishing her employment contract on June 25. The insurance authority confirmed Hui’s departure and said it is looking for a replacement. The regulator also said it has codes of conduct that all staffers and board members have to comply with.
Past Infraction - Western financial institutions operating in Asia have previously gotten into trouble after hiring relatives of government officials. Back in 2016, JPMorgan Chase reached settlements with U.S. authorities that had probed the bank’s earlier hiring of relatives and connections of government officials in China and other corporate clients. Those arrangements were informally dubbed the Sons and Daughters program. Years later, a former senior JPMorgan banker in Hong Kong was acquitted of bribery charges by a district judge in the city.
Turner, who was CFO for a little over a year, was replaced by Ben Bulmer, a veteran Prudential executive who most recently was CFO of its insurance and asset management business. Turner was based in Hong Kong and was previously the group’s chief risk and compliance officer for about four years.
Prudential was founded in 1848 in London, where it remains incorporated. The company split off its U.K. and European business in 2019, and later its U.S. unit, to focus on markets in Asia and Africa. It now has headquarters and primary stock listings in Hong Kong and London, and its current chief executive officer, Anil Wadhwani, is based in the Chinese financial hub. It sells life and health insurance, and has an asset-management business.
Hong Kong is Prudential’s largest market. It accounted for about 45% of the company’s $1.49 billion in new business profit for the first half of 2023.
Past Infraction - Western financial institutions operating in Asia have previously gotten into trouble after hiring relatives of government officials. Back in 2016, JPMorgan Chase reached settlements with U.S. authorities that had probed the bank’s earlier hiring of relatives and connections of government officials in China and other corporate clients. Those arrangements were informally dubbed the Sons and Daughters program. Years later, a former senior JPMorgan banker in Hong Kong was acquitted of bribery charges by a district judge in the city.
Turner, who was CFO for a little over a year, was replaced by Ben Bulmer, a veteran Prudential executive who most recently was CFO of its insurance and asset management business. Turner was based in Hong Kong and was previously the group’s chief risk and compliance officer for about four years.
Prudential was founded in 1848 in London, where it remains incorporated. The company split off its U.K. and European business in 2019, and later its U.S. unit, to focus on markets in Asia and Africa. It now has headquarters and primary stock listings in Hong Kong and London, and its current chief executive officer, Anil Wadhwani, is based in the Chinese financial hub. It sells life and health insurance, and has an asset-management business.
Hong Kong is Prudential’s largest market. It accounted for about 45% of the company’s $1.49 billion in new business profit for the first half of 2023.
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