Former Rockefeller fund manager guilty of $48m corruption and fraud
2000-8-10
A former managing director of an investment firm, charged by the ICAC with corruption and fraud offences involving about $48 million, was convicted at the Court of First Instance today (Thursday)
Kevin Lee Kwok-wing, 41, former managing director of Rockefeller & Co (Far East) Ltd. (Rockefeller), was found guilty by the jury unanimously on 17 offences, including bribery and conspiracy to defraud.
The jury was unable to reach a verdict on a remaining conspiracy charge and a re-trial was ordered for that charge.
Ms Justice Bokhary adjourned sentencing until 11 am tomorrow and remanded Lee in the custody of the Correctional Services Department.
Rockefeller is a wholly owned subsidiary of Rockefeller & Co Inc., an investment and management firm based in the United States.
Rockefeller was incorporated in Hong Kong to manage the company's investments in South East Asia. Lee's principal responsibility was to manage the company's Asian securities portfolio.
The court heard that Lee, while being employed by Rockefeller between 1992 and 1996, had acted contrary to the interest of Rockefeller by purchasing and selling shares to the company's detriment and to his own benefit.
He had accepted advantages from third parties without his employer's permission in return for making share purchases on behalf of Rockefeller. The total sum involved in the charges was about HK$48 million, the court was told.
An ICAC spokesman said : “Overseas authorities, including those from the United States, Singapore, Australia and our Mainland counterparts, had rendered assistance to the ICAC, which was crucial to the successful investigation of this case.
“The ICAC is committed to rooting out corruption and maintaining a level-playing field in businesses and the security market,” he said.
Lee was found guilty of 11 counts of accepting and three counts of offering an advantage under Section 9 of the Prevention of Bribery Ordinance. He was further convicted on two counts of conspiracy to defraud and one count of conspiracy to accept an adva ntage.
The court heard that Lee had accepted advantages from a number of persons, including former and serving directors of local listed and securities companies, as a reward for purchasing shares in various companies.
The advantages included US$831,096, HK$7,525,000, shares and discharge from liability for payment of shares of HK$2 million.
He had also offered a total of HK$1,212,500 and shares to a former regional manager of an investment house based in Singapore in return for the latter to purchase shares in various companies.
The court also heard that Lee had conspired with a number of persons to accept a total of about HK$21,595,000 from a former director of a securities company in return for dealings in various Hong Kong stocks and shares.
He had also conspired with others to defraud Rockefeller over the purchase and sale of shares.
The offences took place between January 1992 and July 1996.
The prosecution was today represented by Senior Government Counsel Gavin Shiu, assisted by ICAC officer Brian Carroll.
Kevin Lee Kwok-wing, 41, former managing director of Rockefeller & Co (Far East) Ltd. (Rockefeller), was found guilty by the jury unanimously on 17 offences, including bribery and conspiracy to defraud.
The jury was unable to reach a verdict on a remaining conspiracy charge and a re-trial was ordered for that charge.
Ms Justice Bokhary adjourned sentencing until 11 am tomorrow and remanded Lee in the custody of the Correctional Services Department.
Rockefeller is a wholly owned subsidiary of Rockefeller & Co Inc., an investment and management firm based in the United States.
Rockefeller was incorporated in Hong Kong to manage the company's investments in South East Asia. Lee's principal responsibility was to manage the company's Asian securities portfolio.
The court heard that Lee, while being employed by Rockefeller between 1992 and 1996, had acted contrary to the interest of Rockefeller by purchasing and selling shares to the company's detriment and to his own benefit.
He had accepted advantages from third parties without his employer's permission in return for making share purchases on behalf of Rockefeller. The total sum involved in the charges was about HK$48 million, the court was told.
An ICAC spokesman said : “Overseas authorities, including those from the United States, Singapore, Australia and our Mainland counterparts, had rendered assistance to the ICAC, which was crucial to the successful investigation of this case.
“The ICAC is committed to rooting out corruption and maintaining a level-playing field in businesses and the security market,” he said.
Lee was found guilty of 11 counts of accepting and three counts of offering an advantage under Section 9 of the Prevention of Bribery Ordinance. He was further convicted on two counts of conspiracy to defraud and one count of conspiracy to accept an adva ntage.
The court heard that Lee had accepted advantages from a number of persons, including former and serving directors of local listed and securities companies, as a reward for purchasing shares in various companies.
The advantages included US$831,096, HK$7,525,000, shares and discharge from liability for payment of shares of HK$2 million.
He had also offered a total of HK$1,212,500 and shares to a former regional manager of an investment house based in Singapore in return for the latter to purchase shares in various companies.
The court also heard that Lee had conspired with a number of persons to accept a total of about HK$21,595,000 from a former director of a securities company in return for dealings in various Hong Kong stocks and shares.
He had also conspired with others to defraud Rockefeller over the purchase and sale of shares.
The offences took place between January 1992 and July 1996.
The prosecution was today represented by Senior Government Counsel Gavin Shiu, assisted by ICAC officer Brian Carroll.