Trio charged with bribery over listed company restructuring and acquisition
2015-8-1
One incumbent and two then directors of an investment company have been charged by the ICAC today (Saturday) with offering an advantage, namely a service agreement as a consultant, to a then executive director (ED) of a listed company over its restructuring, while one of them is also accused of bribing the ED with a share option in an acquisition by the listed company.
Kennedy Wong Ying-ho, 52, incumbent director of Perfect Ace Investments Limited (PAIL); Chui Chuen-shun, 61, and Richard Yin Yingneng, 62, both then directors of PAIL, face a joint charge of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance. Wong additionally faces another similar charge alone.
The defendants will appear at the Eastern Magistracy next Wednesday (August 5) for transfer of the case to the District Court for plea.
In October 2007, PAIL entered into a restructuring agreement with publicly listed Ocean Grand Chemicals Holdings Limited (OGCH), its provisional liquidators and an accounting firm. The restructuring was completed in September 2008. PAIL became the major shareholder of OGCH and Wong became its chairman. The ED concerned retained his post with OGCH.
On January 7, 2009, OGCH was renamed as Hong Kong Resources Holdings Company Limited (HKRH).
In July 2009, following HKRH’s negotiation with the provisional liquidators of the then publicly listed 3D-GOLD Jewellery Holdings Limited (3D-GOLD), HKRH acquired five subsidiaries from 3D-GOLD.
The first charge alleges that on or about November 1, 2007, during the restructuring of OGCH, Wong, Chui and Yin offered an advantage, namely a service agreement as a consultant of PAIL, to the ED for the ED performing duties and exercising powers that may be assigned, vested in, or directed by the board of directors of PAIL or OGCH.
The other charge alleges that on or about August 19, 2009, Wong offered an advantage, namely a share option at for the subscription of 15 million preference shares of HKRH for .8 million, to the ED for the ED participating in HKRH’s acquisition of the five subsidiaries of 3D-GOLD.
The defendants have been released on ICAC bail, pending their court appearance next Wednesday.
Kennedy Wong Ying-ho, 52, incumbent director of Perfect Ace Investments Limited (PAIL); Chui Chuen-shun, 61, and Richard Yin Yingneng, 62, both then directors of PAIL, face a joint charge of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance. Wong additionally faces another similar charge alone.
The defendants will appear at the Eastern Magistracy next Wednesday (August 5) for transfer of the case to the District Court for plea.
In October 2007, PAIL entered into a restructuring agreement with publicly listed Ocean Grand Chemicals Holdings Limited (OGCH), its provisional liquidators and an accounting firm. The restructuring was completed in September 2008. PAIL became the major shareholder of OGCH and Wong became its chairman. The ED concerned retained his post with OGCH.
On January 7, 2009, OGCH was renamed as Hong Kong Resources Holdings Company Limited (HKRH).
In July 2009, following HKRH’s negotiation with the provisional liquidators of the then publicly listed 3D-GOLD Jewellery Holdings Limited (3D-GOLD), HKRH acquired five subsidiaries from 3D-GOLD.
The first charge alleges that on or about November 1, 2007, during the restructuring of OGCH, Wong, Chui and Yin offered an advantage, namely a service agreement as a consultant of PAIL, to the ED for the ED performing duties and exercising powers that may be assigned, vested in, or directed by the board of directors of PAIL or OGCH.
The other charge alleges that on or about August 19, 2009, Wong offered an advantage, namely a share option at for the subscription of 15 million preference shares of HKRH for .8 million, to the ED for the ED participating in HKRH’s acquisition of the five subsidiaries of 3D-GOLD.
The defendants have been released on ICAC bail, pending their court appearance next Wednesday.