Wing Ding 2014

The annual charity squash Wing Ding competition was played this month at the Hong Kong Football Club. Connaught Finance participated for the sixth year in a row, which last year raised HKD $2.1 million for the children in need of Hong Kong.

The game format is that each team is given a color and must then choose a fancy dress outfit to match, in which they then have to play squash.

This colorful event consists of 14 teams of ten players. Each participant plays against his equivalent in the opposing team for 3 minutes. Then they run to the next court for further 3 minutes non-stop  if you get to the next court first you start serving for points.

This spectacle sees outfits such as chickens, monks, cowboys and Vickers running from court to court, pushing their squash limits to help to raise funds for the charity.

All funds are fed into operation Santa Claus which is also supported by the other events in Hong Kong operated by Standard Chartered Bank, JP Morgan and HSBC.

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Sri Lanka

The FDI (Foreign Direct Investment) between January and August 2014 reached US$1.06 billion in Sri Lanka (+22.2% YOY) and with government expenditure to reach record highs in 2015, the recent visit of the Chinese President Xi Jinping, all bodes well for the blooming economic future.

Minister for Petroleum    In a recent visit to Colombo, the CEO of Connaught Finance, Paul Errington, met with the Minister of Petroleum Industries, Anura Priyadarshana Yapa, to discuss the future of the oil and gas industry in the country. Paul was accompanied by the Reverend Wijayapura. The existing oil refinery’s are going through major upgrades with new pipeline being laid across the country to increase efficiencies and Connaught Finance hope to assist with the development.

 

 

PereraOther government meetings were held with the Secretary for Transport, Dhammika Perera, for infrastructure growth discussions. Mr Perera has many business interests in the country which stretch from hotel chains and finance companies to casinos.

Another reflection of the economic performance is the growth in tourist numbers, with an increase of 13.8% (YOY) in August, according to the Sri Lankan Tourist Development Authority. China became the third largest source of tourists, surpassing Germany. The new airport in the south of the island is ready for the anticipated surge in volumes over the next 12 months.

In any growing economy the need to finance is essential and not just for SME’s but also the listed companies, multi –nationals and government bodies. Equipment finance is therefore integral to growth right across the market sectors, whether in tourism, infrastructure, green power or tea production and manufacturing.

One of the major issues holding back this development through local banks is their willingness or lack thereof, to look at product development. FDI is increasing but will the local banks miss out due to their preference to stay within their comfort zone of financing vehicles.

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Reverend, Galagama and his associate met with the CEO of Connaught Finance on the arrival of Colombo.

CFI were mandated by the Ensis Group

Connaught were recently mandated by the Ensis Group in The  Maldives to arrange expansion finance for their fish processing factory and for the development of a resort island. Paul Errington, CEO of Connaught, visited the factory and met with Ensis management, Abdullah Saeed – Director, Mohamed Waseem – Managing Director and Hamid Ahmed – Product Manager.

Ensis Tuna Filleting Process Ensis Tuna Filleting   Ensis Tuna on Ice Ensis Yellow Fin Tuna arriving from the dock   Ensis Buildings Ensis Management -from left Saeed Director Ensis, Waseem MD Ensis, Paul CEO  of Connaught and Hasim from Ensis

Indonesian Oil and Gas Fields

Connaught is assisting with funds for a local engineering firm just outside of Jakarta.

They have been operating for 15 years and manage many of the oil and gas fields for the state owned Pertamina

Expansion plans have created a requirement for debt and equity to be invested in the company.

Westindo Team Pertamina Oil Field

ClaudiusConnaught Finance are pleased to welcome Claudius Grossmann to their global team.

Claudius has spent most of his life and career in Asia, namely Japan, China and Hong Kong working in commercial as well as investment banking, project financing, but also in real estate, alternative financing and many years in industrial leasing.

In his time in Asia he has built-up business units in China such as Dresdner Bank AG Shanghai Branch back in 1993 and Deutsche Leasing (China) Co., Ltd. in 2006, following the economic cycles in Asia, Claudius also gained extensive experience in the professional restructuring of business units.

While Claudius started out in Risk Management, his role soon expanded into managing whole back office operations as well as increasingly working also on the sales side.

With this objective in mind, he has joined Connaught to contribute to the expansion and success of CFI, building up among others good and extensive relationships with German/European SME and vendors operating in Asia and beyond.

Besides his working experience we also welcome his good understanding of different cultures in Asia, sufficient political as well as economical insights into Asian and European affairs and effectiveness dealing within a dynamic multicultural business environment.

Claudius Grossmann
Associate Director
Connaught Finance Investments
Office: +852 3796 5390
Mobile: +852 62324319
Email: claudius@connaughtfinance.com
Germany, Country mobile +49 177 485 7364
Skype: grossmc21
Web: www.connaughtfinance.com

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USA is Fourth Office for Connaught Finance

“The mature equipment leasing market of North and Central America as well as Canada has always appealed to Connaught Finance for expansion” said the CEO of Connaught.

“But expansion is not just one of opportunity you need the right people with the right skill sets and that’s the challenge. That is why we are very pleased to announce that Sandy Garrett has joined our group as President of Connaught Finance USA.”

Sandy has nearly 30 years experience in structured finance, and vendor finance for equipment in the Americas. His wealth of experience will greatly enhance the company’s presence in the US as well as creating a link into Asia for existing as well as new clients with a focus on the Far East.

The New York office will provide the full suite of financial solutions that are offered from the other Connaught offices in Hong Kong, Frankfurt and Sri Lanka.

The company’s main focus stems from structured finance for equipment through vendor relationships and direct to end users but also project finance and private equity investments.

Sandy Garrett
President
Connaught Finance USA
200 Central Park South, Ste 3M, New York, NY 10019
Office: +1.212.956.3590 (New York) / +1.267.544.0255 (Philadelphia)
Mobile: +1.212.586.0049
Email: sandy@connaughtfinance.com
Skype: sandygarrett
Web: www.connaughtfinance.com

Connaught Finance Expand into Europe

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The Managing Director of Connaught Finance, Mr. Paul Errington, announced today the opening of their new office in Frankfurt.

 

“We are very pleased to have Michael Vander joining our team and heading up the new office which will also cover EMEA”

Michael has over 20 years in the asset finance market and brings a wealth of international experience to the company.

 

The Frankfurt office will provide the full suite of financial solutions that are offered from the other Connaught offices in New York, Hong Kong and Sri Lanka.

The company’s main focus stems from structured finance for equipment through vendor relationships and direct to end users but also project finance and private equity investments.

 

Michael Vander

Associate Director

Connaught Finance Investments – Frankfurt Office

Spessartstr. 14, 61273 Wehrheim, Germany

Office: +49 6081 966 54 79
Mobile: +49 173 46 56 705
Email: michael@connaughtfinance.com
Skype: michaelvander
Web: www.connaughtfinance.com

Global Asset & Auto Finance Survey 2014

Errington quoted in recent Quarterly Survey on Finance in Asia.

“Basic research into equipment leasing globally shows a clear path where the industry is headed in emerging markets of Asia, why therefore are banks and finance companies such as Macquarie and CIT pulling out of many Asian countries?……

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Troubled Waters for the Big 4 in China

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Conducting business in China has never been a straight forward proposition no matter if you are an SME or a multi-national or one of the world’s largest Audit companies.

At the end of January, the US courts ruled that the Big 4 affiliates in China were banned from operating for 6 months. The judges ruling is quite an eye opener on Private Equity and Capital market transactions in China, most especially the reliability of the big 4 auditing accuracy! Transactions in this market worth billions of Dollars rely on the audits providing data that reflects the companies involved and their trading positions. This is now very much in question.

The Big Four are appealing the decision and whilst under review they are allowed to continue operating in China. The SEC had requested data on some Chinese companies quoted in the US but the Big 4 had refused on a number of occasions over the last 2 years stating that it would breach Chinese state secrecy laws.

The growth of KPMG China and Ernst & Young China have been unprecedented but PWC underwent the largest growth with staff numbers increasing four fold to 8,000 people between 2004 and 2012.

In the Judges lengthy ruling he stated “A good faith effort to obey the law means a good faith effort to obey all law, not just the law that one wishes to follow”

One of the breaches in compliance has been the Sarbanes-Oxley regulations which has in fact helped the auditors bottom line in the US as it has increased the necessity for stricter compliance of clients which has resulted in an increase in the fees of the Big Four.

If the ban is upheld then companies such as P&G, Amazon and Nike may have to look for new auditors in China as they have large revenue bases there. Conducting business has never been straight forward but if the appeal is not successful then a large gap will be left in the market that would need to be filled by Chinese audit companies.

With such potential impact on the market and conducting business in China, it is quite amazing that this has not been reported more aggressively.

Connaught are pleased to announce a recently agreed strategic alliance with the Mongolia Fund.

The Fund seeks long term growth of capital through investing in the mining sector, mining services, processing, logistics and energy.

http://www.mongoliafund.com/Who_We_Are.html

The most recent project is the structuring of funds for Hertz Equipment Rental franchise in Ulaanbaatar (the capital of Mongolia)

As a country, Mongolia, has the world’s lowest population density but last year had the highest global GDP growth rate at 17%.

One of the world’s richest areas for natural resources the economy is heavily reliant on the mining industry and market sectors that support the mines.

Connaught are looking forward to expanding the investments of The Mongolia Fund in this emerging Asian market”

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