Duo charged with HK$500,000 bribery and fraud over savings plan
2015-6-10
A former relationship manager of a bank has been charged by the ICAC today (Wednesday) with accepting HK$500,000 in bribe for referring a client of the bank to take out a US$2 million savings plan with an insurance company, while the former relationship manager and a technical representative of an insurance broker are also charged with fraud.
Chen Chia-hui, 34, a former relationship manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), faces one count of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance, and one of fraud, contrary to Section 16A of the Theft Ordinance.
Co-defendant Li Ting-yuen, 53, a technical representative of CTHK Asset Management Limited (CTHK), faces a similar offence of fraud.
The defendants, currently on ICAC bail, will appear at the Eastern Magistracy on Friday (June 12) for transfer to the District Court.
At the material time, Chen was a relationship manager of HSBC. Among her duties was to promote and sell investment and/or insurance products to clients of HSBC.
Li was a technical representative of CTHK, an authorised insurance broker of AXA China Region Insurance Company Limited (AXA). He could promote the insurance products of AXA Group, which includes AXA and AXA China Region Insurance Company (Bermuda) Limited (AXA Bermuda).
One of the charges alleges that on December 17, 2012, Chen, with intent to defraud, induced a client of HSBC to take out a savings plan with AXA Bermuda by not disclosing to the client that the savings plan was not a product of HSBC and was not sold by the bank, and falsely representing to the client that he could redeem the total premiums of US$2 million paid together with dividends after its fourth policy anniversary.
Another charge alleges that on December 17, 2012, Li falsely represented to AXA that he was the handling financial consultant in respect of the said insurance application for the savings plan, and with intent to defraud, induced AXA to approve the insurance application by the client of HSBC and pay a commission of about HK .24 million to CTHK.
The remaining charge alleges that on February 8, 2013, Chen accepted HK$500,000 from a then relationship manager of AXA as a reward for promoting and selling the said savings plan to the client of HSBC.
HSBC and AXA Group had rendered full assistance to the ICAC during its investigation.
Chen Chia-hui, 34, a former relationship manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), faces one count of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance, and one of fraud, contrary to Section 16A of the Theft Ordinance.
Co-defendant Li Ting-yuen, 53, a technical representative of CTHK Asset Management Limited (CTHK), faces a similar offence of fraud.
The defendants, currently on ICAC bail, will appear at the Eastern Magistracy on Friday (June 12) for transfer to the District Court.
At the material time, Chen was a relationship manager of HSBC. Among her duties was to promote and sell investment and/or insurance products to clients of HSBC.
Li was a technical representative of CTHK, an authorised insurance broker of AXA China Region Insurance Company Limited (AXA). He could promote the insurance products of AXA Group, which includes AXA and AXA China Region Insurance Company (Bermuda) Limited (AXA Bermuda).
One of the charges alleges that on December 17, 2012, Chen, with intent to defraud, induced a client of HSBC to take out a savings plan with AXA Bermuda by not disclosing to the client that the savings plan was not a product of HSBC and was not sold by the bank, and falsely representing to the client that he could redeem the total premiums of US$2 million paid together with dividends after its fourth policy anniversary.
Another charge alleges that on December 17, 2012, Li falsely represented to AXA that he was the handling financial consultant in respect of the said insurance application for the savings plan, and with intent to defraud, induced AXA to approve the insurance application by the client of HSBC and pay a commission of about HK .24 million to CTHK.
The remaining charge alleges that on February 8, 2013, Chen accepted HK$500,000 from a then relationship manager of AXA as a reward for promoting and selling the said savings plan to the client of HSBC.
HSBC and AXA Group had rendered full assistance to the ICAC during its investigation.