A senior executive of a bank and four other persons were charged by the ICAC this (Thursday) morning for allegedly accepting and offering over $24 million in bribes respectively in relation to the trading of derivative warrants issued by the bank.

The defendants, who were bailed to appear at Eastern Magistracy in the afternoon, were D1, 37, managing director of the bank; D2, 60, D3, 32, D4, 29, and D5, 39, all stock investors.

D1 faced a charge of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO); while D2, D3, D4 and D5 jointly faced a charge of conspiracy to offer an advantage to an agent, contrary to Section 9(2)(a) of the POBO and Section 159A of the Crimes Ordinance.

No pleas were taken today. Acting Principal Magistrate Mr David Dufton adjourned the case to April 24 this year, pending further enquiries by the ICAC.

D1 was alleged to have accepted $24.8 million in bribes from D2, D3, D4 and D5 between January 16, 2007 and May 7, 2008 as rewards for giving advice on the trading of derivative warrants issued by the bank.

D2, D3, D4 and D5 were alleged to have conspired together to offer the said bribes to D1 for the same purpose.

D2 was granted cash bail of $300,000. D3 and D5 were on cash bail of $200,000 each, while D1 and D4 were allowed cash bail of $100,000 each.

The defendants were arrested in the ICAC operation codenamed "Leap Over" in April last year.

The bank and the Securities and Futures Commission had rendered full assistance to the ICAC during the investigation.

The prosecution was today represented by Senior Public Prosecutor Peggy Lo, assisted by ICAC officer Natasha Li.