Wong Tat Keung
AlsetAbout Wong Tat Keung
Independent non-executive director of Alset Inc. (AEI) since November 2020; age 55 as of the 2025 proxy; Chartered accountant with over 30 years’ cross‑border accounting, audit, and internal controls experience; designated as AEI’s Audit Committee Financial Expert; deemed independent under Nasdaq rules . He holds an MBA (Financial Services) from the University of Greenwich, is a Certified Public Accountant (Hong Kong), a Fellow of ACCA, and an Associate of HKICPA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aston Wong & Co. (HK) | Director & Sole Proprietor (registered CPA firm) | Jan 2006 – Feb 2010 | Led practice; financial reporting and audit engagements |
| Aston Wong, Chan & Co. (HK) | Partner | Jan 2005 – Dec 2005 | Audit/assurance leadership |
| Gary Cheng & Co. (HK) | Audit Senior | Apr 2003 – Dec 2004 | External audit |
| Hui Sik Wing & Co. (HK) | Audit Junior → Supervisor | Apr 1993 – Dec 1999 | External audit progression |
| SingHaiyi | Independent Non‑Executive Director | Jul 2009 – Jul 2013 | Board oversight |
| ZH Holdings | Independent Non‑Executive Director | Dec 2009 – Jul 2015 | Board oversight |
External Roles
| Organization | Role | Since | Notes/Interlock |
|---|---|---|---|
| Alset International Limited (SGX; AEI subsidiary) | Independent Non‑Executive Director | Jan 2017 | Affiliate of AEI; numerous intra‑group dealings |
| HWH International Inc. (Nasdaq: HWH) | Director | Jan 2022 | AEI executed multiple debt/equity transactions with HWH in 2024–2025 (convertible notes, loans, share purchases) |
| Value Exchange International, Inc. (OTC: VEII) | Director | Apr 2022 | AEI owns ~45.8% of VEII; board interlock (AEI directors Chan, Wong Shui Yeung, and Wong Tat Keung also on VEII board) |
| Roma Group Limited | Independent Non‑Executive Director | Mar 2016 | External valuation advisory firm |
| Lerthai Group Limited | Independent Non‑Executive Director | Dec 2018 | Property investment/development |
Board Governance
- Independence: Board determined Mr. Wong is independent under Nasdaq Rule 5605(a)(2) and SEC Rule 10A‑3 .
- Committees: Audit; Nominations & Corporate Governance; Compensation .
- Audit Committee Financial Expert: Board determined Mr. Wong qualifies under Item 407(d)(5) of Regulation S‑K .
- Attendance and meeting cadence (FY2024):
- Board: 1 meeting; each director attended (100%) .
- Audit Committee: 1 meeting .
- Nominations & Corporate Governance Committee: 0 meetings .
- Compensation Committee: 0 meetings .
Fixed Compensation
Director fee policy and levels:
| Period | Policy/Structure | Amount |
|---|---|---|
| FY2022–FY2023 (independent directors) | Base $1,000 per month + $2,000 per Board or Committee meeting attended | Policy disclosure |
| FY2024 (all directors) | Increased to $5,000 per quarter | Policy disclosure |
| Ongoing | Company states intention to compensate non‑employee directors via annual stock option grants plus cash fees | Program description |
Wong Tat Keung – reported director compensation by year:
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Directors’ Fees ($) | $26,818 | $40,356 | $42,360 | $54,422 |
Notes:
- Footnote context indicates Mr. Wong is also compensated for service on boards of AEI affiliates (Alset International; HWH), which may contribute to reported totals; the proxy does not break out AEI‑only vs affiliate board fees .
Performance Compensation
| Element | Disclosure in Proxy | Source |
|---|---|---|
| Performance metrics tied to director pay (e.g., revenue, TSR, ESG) | Not disclosed for directors; program language indicates option grants are at Board/Committee discretion without specified metrics | |
| Equity awards to Mr. Wong in FY2024 | Not specifically disclosed; director compensation table shows cash “Directors’ Fee” only |
Other Directorships & Interlocks
| Company | Mr. Wong’s Role | AEI Exposure/Transaction | Interlock/Conflict Risk |
|---|---|---|---|
| VEII (OTC) | Director | AEI owns 21,179,275 shares (~45.8%) and has extended multiple convertible credit lines; warrants outstanding at VEII | Board interlock (Mr. Wong + AEI insiders); related‑party oversight required by AEI Audit Committee policies |
| HWH (Nasdaq) | Director | AEI/HWH executed numerous convertible notes, loans, equity purchases in 2024–2025 (e.g., CN 8, CN 9, multiple notes/loans) | Board interlock amid recurring transactions; potential conflicts mitigated via committee/recusal processes |
Expertise & Qualifications
- CPA admitted in Hong Kong; Fellow Member of ACCA; Associate Member of HKICPA .
- MBA (Financial Services), University of Greenwich (UK) .
- Recognized AEI Audit Committee Financial Expert; deep experience in cross‑border accounting, tax, and internal controls .
Equity Ownership
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| AEI Common Shares Beneficially Owned (#) | 0 | 0 | 0 | 0 |
Additional disclosures:
- Section 16(a) Compliance: Company reported all filing requirements for officers/directors were complied with for FY2024 .
Insider Trades (Form 4)
| Date | Transaction | Shares | Price | Note |
|---|---|---|---|---|
| — | — | — | — | No Form 4 transactions disclosed in the proxy; Company states all Section 16 filing requirements were met for FY2024 |
Governance Assessment
-
Strengths
- Independent director designated as Audit Committee Financial Expert; brings substantial accounting and controls expertise to Audit, Compensation, and Nominating/Governance committees .
- 100% board meeting attendance in FY2024; served across all three key committees .
-
Concerns
- Ownership alignment: Mr. Wong reported 0 shares beneficially owned in 2022–2025; lack of skin‑in‑the‑game may weaken alignment with minority investors .
- Interlocks and related‑party ecosystem: Concurrent directorships at HWH and VEII while AEI executed multiple financing and equity transactions with those companies; elevates conflict‑of‑interest risk and perception, even with Audit Committee review/recusal policies .
- Committee engagement: Only one Audit Committee meeting, and no meetings for Compensation or Nominating/Governance in FY2024; cadence may limit oversight effectiveness in a complex related‑party environment .
- Control environment: Chairman/CEO Chan Heng Fai beneficially owns ~90.3% of AEI, concentrating voting power and potentially limiting independent director influence over strategy, related‑party approvals, and pay .
-
Compensation structure signals
- Shift to higher fixed cash fees ($5,000 per quarter in 2024) from prior per‑meeting structure increased guaranteed pay; no performance‑based metrics disclosed for directors .
- No director‑specific equity awards disclosed for Mr. Wong in FY2024 despite program language about option grants; reduces long‑term alignment absent personal share ownership .
RED FLAGS
- Zero AEI share ownership across four consecutive proxies (2022–2025) .
- Multiple board interlocks with counterparties to AEI related‑party transactions (VEII, HWH) .
- Minimal committee meeting activity in FY2024 despite extensive affiliate dealings .