Ernst & Young Hong Kong
(E&Y) has confirmed the appointment of Albert Ng as
sub-area managing partner for the firm’s Greater China practice,
allaying rumours the reshuffle was the result of the fallout from
the firm’s Akai Holdings settlement.
The change introduces a dedicated leader for
Greater China, which encompasses mainland China, Hong Kong, Macao
As part of this change, David Sun and Jim
Hassett remain as co-area managing partners for the Far East area,
retaining overall managerial responsibility for the Far East, which
encompasses 20,000 people and 16 countries.
There was media speculation Sun stepped down
from his co-area managing partner position due to the Akai case but
a spokesman for the firm denied this was the case.
Last month, the Big Four firm settled with the
liquidator of the Chinese consumer electronics company for an
undisclosed amount and suspended one of its partners after finding
some of the documents in the audits of Akai could “no longer be
Akai was declared bankrupt in 2000 owing
creditors about $1.1 billion. Former owner James Ting was jailed
for six years in 2005 for falsifying accounts.
The consumer electronics maker employed
100,000 staff at the height of its success and had annual sales of
HK$40 billion ($5.2 billion) across several brands, including
Singer sewing machines, before its bankruptcy.
The E&Y spokesman said that the leadership
changes were the result of a plan announced internally in July to
enhance its management structure.
The firm added the leadership change was the
result of a realignment process intended to bring Greater China’s
management structure into line with the firm’s 32 other sub-areas
around the world.
As sub-area managing partner, Ng will report
directly to Sun and Hassett. Ng is currently the E&Y Far East
area markets leader, having held senior leadership roles at other
Big Four practices in the course of his 25-year career.