Research head brought to court for alleged bribe-for-favourable report scam
2014-9-19
The head of research department of a securities company was brought to the Eastern Magistracy today (Friday) after being charged by the ICAC for allegedly accepting a bribe of $100,000 for writing a favourable valuation report on a listed company.
Gong Yueyue, 35, employed by Orient Finance Holdings (Hong Kong) Limited (Orient Finance), faced one count of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
No plea was taken. Principal Magistrate Ms Bina Chainrai adjourned the case until October 10 this year for plea.
At the material time, the defendant was the head of research department of Orient Finance, who was responsible for compiling and publishing valuation reports on listed companies.
The charge alleged that on March 19 this year, the defendant, without lawful authority or reasonable excuse, accepted $100,000 from a person as a reward for preparing and causing the publication of a favourable valuation report on listed China Household H oldings Limited by Orient Finance.
The defendant was granted cash bail of $50,000. He was also ordered to surrender all travel documents, not to leave Hong Kong, reside at his reported address, inform the ICAC 24 hours prior to any change of address, report to the Police once a week, and not to interfere with prosecution witnesses.
Orient Finance had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Alan Wong.
Gong Yueyue, 35, employed by Orient Finance Holdings (Hong Kong) Limited (Orient Finance), faced one count of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
No plea was taken. Principal Magistrate Ms Bina Chainrai adjourned the case until October 10 this year for plea.
At the material time, the defendant was the head of research department of Orient Finance, who was responsible for compiling and publishing valuation reports on listed companies.
The charge alleged that on March 19 this year, the defendant, without lawful authority or reasonable excuse, accepted $100,000 from a person as a reward for preparing and causing the publication of a favourable valuation report on listed China Household H oldings Limited by Orient Finance.
The defendant was granted cash bail of $50,000. He was also ordered to surrender all travel documents, not to leave Hong Kong, reside at his reported address, inform the ICAC 24 hours prior to any change of address, report to the Police once a week, and not to interfere with prosecution witnesses.
Orient Finance had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Alan Wong.