Carson Wen Appealed to Privy Council in UK on Employment Dispute with Chad C. Holm

TORTOLA,British Virgin Islands,Dec. 11,2020 --Carson Wen,Chairman of Sancus Group ("Sancus"),today provides a further update on the ongoing employment dispute with a former employee of Financial Holdings (BVI) Limited ("FHL"),a Special Purpose Vehicle ("SPV") that was established by Sancus in 2015.

Mr. Wen obtained Final Leave from Eastern Caribbean Court of Appeal on 16 September 2020 to appeal to the Judicial Committee of the Privy Council (often referred to as the Privy Council) in the United Kingdom on the dispute with Chad C. Holm regarding a shareholding matter.

Mr. Wen has already filed the Notice of Appeal with the Privy Council,the final court of appeal for the British Virgin Islands and other Eastern Caribbean jurisdictions on 10 November 2020.

Meanwhile,in October 2016 FHL filed proceedings against Chad Holm and two co-Defendants for breach of contract,breach of trust and breach of fiduciary duties in the Hong Kong High Court. These legal proceedings are continuing. Mr. Wen was the CEO of Financial Holdings (BVI) Limited,which employed Chad Holm as Deputy CEO in October 2015.

Previous Statement from Mr. Wen on above dispute can be found at: Update from Carson Wen Ka-Shuen on Employment Dispute with Chad C. Holm.

Notes to editors

Carson Wen is the Founder of Bank ofAsia(BVI) Limited and BOA Financial Group Limited. He is also the Chairman of the Sancus Group of companies,which has investments in policy driven sectors such as new energy,logistics,finance and technology. He has practiced law for over 30 years at his ownHong Kongpartnership and subsequently at leading global law firms. Mr. Wen has been named as a leading adviser on Chinese law,mergers & acquisitions and capital markets work in Who's Who of the Law,Asia Pacific Legal 500,AsiaLaw Leading Lawyers,Chambers Asia andChina'sTop 200. He is also named in the International Who's Who and Who's Who of the World.

Mr. Wen is a Justice of the Peace ofHong Kongand held various public service appointments in Mainland China andHong Kong.

Mr. Wen is a member of the Executive Committee of the United Nations Economic and Social Commission forAsiaand the Pacific (UNESCAP) Sustainable Business Network (ESBN) and former Chairman of its Task Force on Green Business. He is also a Director of the Pacific Basin Economic Council. He is also,inter alia,a Founding Director of the China M&A Association.

Mr. Wen was awarded the Bronze Bauhinia Star (BBS) by the Hong Kong Special Administrative Region Government for his contribution to economic ties betweenHong Kong,Mainland China and the rest of the world.

Mr. Wen obtained his B.A. fromColumbia University,where he majored in economics,and B.A. and M.A. from Balliol College,Oxford University,where he studied law and was Younger Prizeman in Law for 1976.

Sancus Group

Sancus Group,a private investment vehicle based inHong Kong,was established in 2007. It has diverse business interests including new energy,finance and technology. The firm works closely with entrepreneurs,venture capitalists,private equity and other professional bodiesto grasp global business opportunities. Leveraging its strong relationships inChinaand across theAsia Pacific,the firm see its role as catering to the needs of the developing world through focusing on necessities such as new energy,financial services and food.

Sancus Group is an indirect shareholder in Bank ofAsiavia Sancus Financial Holdings Limited. Bank ofAsia(www.bankasia.com)is a fully digitalised global bank headquartered in the BVI.