News
Statement about News Reports Alleging the Misuse of Investor Deposits
10 Jan 2025The Hong Kong Trustees’ Association (‘HKTA’) recently became aware of news reports alleging the misuse of investor deposits by a purported Hong Kong trust company, One Heritage Trust Limited which led to the arrest of some individuals by the Hong Kong Police. We understand the case is currently undergoing investigation.
HKTA would like to clarify that One Heritage Trust Limited is no longer a member of HKTA. According to HKTA’s record One Heritage Trust Limited was once a member of HKTA but ceased to be a member since April 2024. HKTA is only an industry non-profit organisation promoting the trust and fiduciary services in Hong Kong and has no legal or regulatory power to regulate its members. Registering with HKTA as a member does not necessarily mean that HKTA is endorsing or authorising the activities of its members.
HKTA urge investors to exercise caution and conduct thorough due diligence before engaging with any trust company or investment entities. Scammers take advantage of the concept of trust by creating a false sense of credibility. They often promise high returns on investment with little or no risk involved. It is important to verify the credentials of any trust company or investment entity and ensure they are duly licensed and properly recognised and regulated by the relevant authorities. Do not simply rely on the company’s own statement or website. To help you avoid becoming the next victim of trust fraud, here are some tips to keep in mind.
Key warning signs to look for 
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Be cautious of unexpected calls, emails, or messages from unknown sources.
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Promises of high returns with little or no risk involved.
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Scammers create urgency by claiming limited-time offers or exclusive deals, pressuring individuals to invest quickly without thorough consideration.
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Scammers may impersonate legitimate financial professionals or use fake endorsements to establish credibility.
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Victims are asked to pay upfront fees for access to investment opportunities, which never materialize.
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Difficulty obtaining clear information about the investment, or its risks is suspicious
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Hesitation in providing updates (such as reports) may indicate wrongdoing.
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If the strategy is difficult to understand or involves convoluted terms, it may be a red flag.
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If there is no prospectus or offering circular provided, this could indicate unregistered securities, which are often associated with scams.
Prevention Tips 
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Search on the website to confirm whether the company is a trust company registered under Part 8 of the Trustee Ordinance in Hong Kong (Cap 29)
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Check the Trust and Corporate Services Providers (‘TCSP’) website to see whether the company has a TCSP licence if the company claims itself is a trust company.
https://www.tcsp.cr.gov.hk/tcspls/search/public-search?k=ALL
However, the fact that a TCSP is registered by the Companies Registry (and has a TCSP registration number) does not mean that it is a reputable company.
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Check the website of the SFC, to make sure the company is a licensed corporation if the company is offering investment opportunities. Don’t just look at the “proof” documents at the company’s website, go to SFC’s website to check and verify.
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Investigate whether the trust company and its management personnel are reputable by making internet searches for any negative news. For example, search for the company’s name along with terms like “scam”, “fraud”, or “complaint” to find reviews or warnings from other investors.
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Confirm the company’s phone number, address, and registration number. Be cautious of only mobile numbers or PO boxes.
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Check the value of the investment products regularly and speak to the contact person if in doubt.
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Asking what are the risks involved? Ensure they provide a clear explanation of potential risks and downsides.
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Inquire about the process of withdrawing funds if needed.
If you are still in doubt, you can do the following: -
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call Police anti-scam hotline at 18222 for help.
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Report to the SFC if the company claimed to be licensed but its name and/or its representatives are not on the current licensee list of the SFC website.
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Report to the Companies Registry if the company is not a TCSP licensee while it claims itself as a trust company providing trust services.
The above is provided for guidance only and is not intended to be an exhaustive list of searches and checks in all circumstances. It is recommended that investors should take independent professional advice as appropriate.