Ten allowance agents who say they were tricked into aing a accessory of AXA with promises of aing fees and accessible shares in the aggregation are suing for HK$480 million.
The agents, including seven who had ahead formed at AXA’s adversary American International Assurance (Bermuda), filed the affirmation adjoin Integrity Financial Advice Network, two associates of Integrity’s administration aggregation and the arch controlling of its captivation company, and AXA Chinese Region Allowance Company, at the High Cloister on Monday.
Among the seven above AIA agents are a above arch director, Lau Kong-kei. The added three plaintiffs had formed for Prudential Allowance and Massmutual Insurance.
AXA beneath to animadversion because of the advancing acknowledged proceedings.
The claims chronicle to agreements for a business arrangement which the agents say AXA and Integrity concluded in November and December aftermost year.
The sum approved additionally includes commissions, bonuses and allowances that the agents affirmation they absent as a aftereffect of abrogation their antecedent jobs and aing the business scheme.
The cloister filing says that about 2009, Denny Chan, arch controlling of Integrity’s captivation company, and Kevin Lee and the arch of arrangement management, Chris Chan, forth with associates of AXA’s management, formed out a business archetypal which promised agents who aing the arrangement the adventitious to own shares in it.
First, assertive agents would anatomy companies, become arch presidents and admiral and get a allotment in Integrity. They would again recruit others, who ability be accustomed shares and would be able advertise these back they left.
The filing says the agents were promised a fee for abrogation their antecedent employers, but that AXA, Integrity and the managers ‘never meant to pay a cent’. They affirmation that, although they were told Integrity would be independent, AXA in actuality had a 51 per cent pale in it through a captivation company.
The plaintiffs say the absolute cold ‘was to get accustomed and accomplished AIA agents [and accommodate added non-AIA agents forth the way] to accompany AXA as AXA’s agents and to advertise AXA’s products’. The archetypal was acclimated as ‘bait’ to deceive the agents, the plaintiffs say.
The filing says that afterwards audition of this plan, Lau agreed to it, formed a aggregation and recruited others, including agents with years of experience. However, Integrity concluded their arrangement and those with the company’s agents. Then, according to the filing, Denny Chan approached those agents and asked them to assurance a arrangement anon with Integrity and AXA.
Integrity beforehand approved to balance allowances it had paid Lau in a filing additionally at the High Court. Hearings in the case adjoin Lau are appointed for September 7 and December 5.
AXA, which has its address in France, became the city’s better insurer in March back it bought HSBC’s accepted allowance business in Hong Kong, Singapore and Mexico for US$494 million.
The cardinal of countries area AXA has a presence, with 163,000 advisers and assembly and 101 actor clients
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