A former lead partner of Grant Thornton Hong Kong, a member firm of accountancy network Grant Thornton International, is embroiled in a legal dispute after two clients filed writs demanding a combined $12.1m.
Gabriel Azedo left Grant Thornton abruptly last month after the claimants filed their allegations, in separate writs, in Hong Kong's high court.
Grant Thornton Hong Kong, an independent legal entity from the international network, told the Financial Times it had reported allegedly “inappropriate” conduct on the part of Mr Azedo to Hong Kong's commercial crime bureau.
Mr Azedo could not be reached for comment and is believed to have left Hong Kong.
The writs may again test the international structure of accountancy firms, which have sought to ringfence local operations since fallout from the Enron scandal triggered the collapse of Arthur Andersen.
Angela Gardner, a Hong Kong resident, is suing Mr Azedo and Senning International, registered in the British Virgin Islands, for breach of contract and breach of trust and demanding $9.8m. Grant Thornton is not mentioned in this suit.
Arthur and Betty da Silva, prominent local racehorse owners, have filed a writ against Mr Azedo and Grant Thornton Hong Kong seeking an account of trust assets allegedly held on their behalf by the defendants.
Mr and Mrs da Silva are demanding the transfer of “all such trust property” to them or restitution of not less than $2.3m.
Grant Thornton Hong Kong has moved to distance itself from Mr Azedo.
The firm said it did not provide trust services nor hold assets on behalf of clients and it would “file our defence in court accordingly”. Mr Azedo had ceased to be a partner in 2008.




