Account manager of property agency charged with offering $130,000 illegal commissions to supervisor
2020-12-8
An account manager of a property agency has been charged by the ICAC today (December 8) with offering illegal commissions totalling about $130,000 to his supervisor for procuring three property transactions involving a total transaction price amounted to over $61.5 million.
Ken Koo Chun-fai, 47, senior account manager of Midland Realty (Commercial) Limited (Midland Realty (Commercial)), faces three counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance.
The defendant will appear at the Kowloon City Magistrates’ Courts on Thursday (December 10) for plea.
At the material time, the defendant was a senior account manager of Midland Realty (Commercial) attached to a team of a branch in Tsim Sha Tsui.
For a property transaction procured by the defendant, Midland Realty (Commercial) would charge both the vendor and the purchaser one per cent of the transaction price as agency commission, which would be taken into account to calculate his monthly sales commission.
Meanwhile, a senior sales manager who headed the aforesaid team would earn an overriding commission for a property transaction procured by the defendant. A company which engaged in property investment business was a client of the senior sales manager.
The charges allege that between July 4 and August 31, 2017, the defendant offered three illegal commissions each ranging from about $9,800 to about $62,900, totalling about $130,000, to the aforesaid senior sales manager without lawful authority or reasonable excuse as an inducement to or reward for assisting the defendant in procuring property transactions for the abovementioned client.
It is alleged that the property transactions concerned involved three commercial properties in Shau Kei Wan and Wan Chai with an individual transaction price ranged from $9.2 million to over $27.3 million. The total transaction price of the three properties amounted to over $61.5 million.
Midland Realty (Commercial) has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Thursday.
Ken Koo Chun-fai, 47, senior account manager of Midland Realty (Commercial) Limited (Midland Realty (Commercial)), faces three counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance.
The defendant will appear at the Kowloon City Magistrates’ Courts on Thursday (December 10) for plea.
At the material time, the defendant was a senior account manager of Midland Realty (Commercial) attached to a team of a branch in Tsim Sha Tsui.
For a property transaction procured by the defendant, Midland Realty (Commercial) would charge both the vendor and the purchaser one per cent of the transaction price as agency commission, which would be taken into account to calculate his monthly sales commission.
Meanwhile, a senior sales manager who headed the aforesaid team would earn an overriding commission for a property transaction procured by the defendant. A company which engaged in property investment business was a client of the senior sales manager.
The charges allege that between July 4 and August 31, 2017, the defendant offered three illegal commissions each ranging from about $9,800 to about $62,900, totalling about $130,000, to the aforesaid senior sales manager without lawful authority or reasonable excuse as an inducement to or reward for assisting the defendant in procuring property transactions for the abovementioned client.
It is alleged that the property transactions concerned involved three commercial properties in Shau Kei Wan and Wan Chai with an individual transaction price ranged from $9.2 million to over $27.3 million. The total transaction price of the three properties amounted to over $61.5 million.
Midland Realty (Commercial) has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Thursday.