Former bank executive in $312M loan bribery case in court
2000-1-28
A former Assistant General Manager of the Bank of China (BOC), charged by the ICAC for allegedly accepting over $3.6 million in bribes for granting a $312 million (US$40 million) bank loan to an investment company, appeared in Eastern Court today (Friday) .
Charged in the same case was the investment company director, accused of offering bribes to three employees of BOC.
No pleas were taken. Magistrate Mr Ian Candy adjourned the case to February 11, 2000 for mention. The defendants were each allowed bail of $2 million in cash. They were ordered to surrender their travel documents, not to leave Hong Kong and to report t o the ICAC once a week.
Li Defan, 48, former employee of BOC, and Fan Yingchao, 47, director and shareholder of Shing Hung Investments Limited (SHIL), faced a total of six charges.
Li faced two counts of accepting bribes totalling $3,696,706 from Fan for assisting SHIL to obtain the US$40 million loan from BOC while Fan was charged with two counts of offering the bribe payments to Li. The alleged offences took place on October 6, 1 997.
Fan further faced two counts of offering bribes to two other BOC staff.
One of the charges alleged that he had offered an unspecified amount of HK$1,000 banknotes in February 1997 to a manager of BOC, Tse Shu-sun, also for assistance over a loan application from SHIL.
The remaining charge alleged that Fan had offered a $3,000 gift cheque to an officer of BOC, Chan Yim-mui, for the same reason in April 1997.
Investigations revealed that Tse and Chan had not accepted the bribes.
The ICAC has received full assistance from BOC in investigating the case.
The case originated from a complaint from the public, alleging that a senior bank executive had accepted advantages from an applicant for approving a huge loan. The ICAC arrested the two defendants in May last year.
The prosecution was today represented by ICAC officer Raymond So.
Charged in the same case was the investment company director, accused of offering bribes to three employees of BOC.
No pleas were taken. Magistrate Mr Ian Candy adjourned the case to February 11, 2000 for mention. The defendants were each allowed bail of $2 million in cash. They were ordered to surrender their travel documents, not to leave Hong Kong and to report t o the ICAC once a week.
Li Defan, 48, former employee of BOC, and Fan Yingchao, 47, director and shareholder of Shing Hung Investments Limited (SHIL), faced a total of six charges.
Li faced two counts of accepting bribes totalling $3,696,706 from Fan for assisting SHIL to obtain the US$40 million loan from BOC while Fan was charged with two counts of offering the bribe payments to Li. The alleged offences took place on October 6, 1 997.
Fan further faced two counts of offering bribes to two other BOC staff.
One of the charges alleged that he had offered an unspecified amount of HK$1,000 banknotes in February 1997 to a manager of BOC, Tse Shu-sun, also for assistance over a loan application from SHIL.
The remaining charge alleged that Fan had offered a $3,000 gift cheque to an officer of BOC, Chan Yim-mui, for the same reason in April 1997.
Investigations revealed that Tse and Chan had not accepted the bribes.
The ICAC has received full assistance from BOC in investigating the case.
The case originated from a complaint from the public, alleging that a senior bank executive had accepted advantages from an applicant for approving a huge loan. The ICAC arrested the two defendants in May last year.
The prosecution was today represented by ICAC officer Raymond So.