Sources have told The Wall Street Journal (WSJ) that Prudential CFO, James Turner, stepped down after attempting to secure a job for a relative of a high-ranking regulator at the Hong Kong Insurance Authority.
In May, the insurer announced that Turner was stepping down in line with an investigation into a “code of conduct issue” related to recruitment, but no further details were provided.
According to WSJ’s report, Turner is alleged to have been approached by Carol Hui, a senior official at Hong Kong’s Insurance Authority (IA), about a job opportunity for her son. His role in the hiring situation was later flagged as a potential conflict of interest by Prudential’s human resources department.
Turner resigned in May and at the time Prudential released a statement saying, “The Group sets itself high standards and Mr Turner fell short on this occasion.”
Turner is set to leave the business at the end of this month, having served a four-month notice period. The WSJ added that Hui concluded her employment term with the IA on June 25th this year.
