Court orders to confiscate $63m crime proceeds from warrants investor convicted in ICAC case
2023-5-11
The Court of First Instance (CFI) of the High Court today (May 11) ordered to confiscate crime proceeds of $63 million from an investor who was sentenced to 45 months’ imprisonment in an ICAC case after pleading guilty to offering bribes of about $6.4 million to a then senior executive of a bank for making a substantial amount of net profit through trading of derivative warrants.
Ha But-yee, 71, pleaded guilty to one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO), at the CFI on January 22, 2018. Co-defendant Ma Sin-chi, 49, former director of Deutsche Bank Aktiengesellschaft (Deutsche Bank), admitted one count of agent accepting an advantage, contrary to Section 9(1)(a) of the POBO. Pursuant to the Section 8 of the Organized and Serious Crimes Ordinance, the prosecution made an application for confiscating the illicit gains of Ha on the same day. They were both sentenced to 45 months’ imprisonment on February 26, 2018.
CFI Judge Mrs Audrey Patricia Campbell-Moffat today approved the prosecution’s application and ordered to confiscate crime proceeds of $63 million from Ha, who is required to satisfy the confiscation order within 6 months, failing which he is to serve a term of 10 years in default.
An ICAC spokesperson notes that the Commission has established a dedicated unit in 2010 to deal with restraint, disclosure and confiscation of criminal assets. The Asset Recovery Office of the Operations Department will continue to pursue confiscation of ill-gotten gains and apply for confiscation orders to deprive criminals of benefiting from crime connected with bribery and related offences.
At the material time, Ma was a director of Deutsche Bank and also served as a warrant trader. Between January 16, 2007 and May 7, 2008, Ha offered bribes of about $6.4 million in total to Ma for giving information to Ha and his associates on derivative warrants issued by Deutsche Bank so as to assist them in trading derivative warrants.
As a result, Ha had made a substantial amount of net profit through the trading of those derivative warrants issued by Deutsche Bank.
The management of Deutsche Bank strictly prohibited its staff members from accepting bribes for providing other persons with confidential information belonging to the bank.
Deutsche Bank and the Securities and Futures Commission had rendered full assistance to the ICAC during its investigation.
The prosecution for the confiscation proceeding was represented by Assistant Director of Public Prosecutions Betty Fu and Senior Public Prosecutor Matthew Hui, assisted by ICAC officers Sudhir Gidwani and Keith Kwok.
Ha But-yee, 71, pleaded guilty to one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO), at the CFI on January 22, 2018. Co-defendant Ma Sin-chi, 49, former director of Deutsche Bank Aktiengesellschaft (Deutsche Bank), admitted one count of agent accepting an advantage, contrary to Section 9(1)(a) of the POBO. Pursuant to the Section 8 of the Organized and Serious Crimes Ordinance, the prosecution made an application for confiscating the illicit gains of Ha on the same day. They were both sentenced to 45 months’ imprisonment on February 26, 2018.
CFI Judge Mrs Audrey Patricia Campbell-Moffat today approved the prosecution’s application and ordered to confiscate crime proceeds of $63 million from Ha, who is required to satisfy the confiscation order within 6 months, failing which he is to serve a term of 10 years in default.
An ICAC spokesperson notes that the Commission has established a dedicated unit in 2010 to deal with restraint, disclosure and confiscation of criminal assets. The Asset Recovery Office of the Operations Department will continue to pursue confiscation of ill-gotten gains and apply for confiscation orders to deprive criminals of benefiting from crime connected with bribery and related offences.
At the material time, Ma was a director of Deutsche Bank and also served as a warrant trader. Between January 16, 2007 and May 7, 2008, Ha offered bribes of about $6.4 million in total to Ma for giving information to Ha and his associates on derivative warrants issued by Deutsche Bank so as to assist them in trading derivative warrants.
As a result, Ha had made a substantial amount of net profit through the trading of those derivative warrants issued by Deutsche Bank.
The management of Deutsche Bank strictly prohibited its staff members from accepting bribes for providing other persons with confidential information belonging to the bank.
Deutsche Bank and the Securities and Futures Commission had rendered full assistance to the ICAC during its investigation.
The prosecution for the confiscation proceeding was represented by Assistant Director of Public Prosecutions Betty Fu and Senior Public Prosecutor Matthew Hui, assisted by ICAC officers Sudhir Gidwani and Keith Kwok.