Response Statement
2003-7-19
The ICAC has arrested three persons for alleged corruption over share price rigging of two listed companies, arising from the on-going investigation into the alleged corruption scams in connection with promotion of singers.
The trio arrested in relation to the alleged share price rigging activities were a solicitor of the listed companies, a managing director of a securities company, and a housewife.
The chairman of the listed companies involved was arrested by the ICAC on Wednesday.
It was alleged that he had conspired with the three arrested to offer advantages to some staff members of a securities company for assistance in setting up accounts for trading of shares in the listed companies, and for concealing the share price rigging activities.
It is believed that such shares trading was financed by the chairman of the listed companies to manipulate share prices.
So far, a total of 28 persons have been arrested in relation to the ICAC’s territory-wide operation which commenced on Wednesday. Inquiries are continuing.
The trio arrested in relation to the alleged share price rigging activities were a solicitor of the listed companies, a managing director of a securities company, and a housewife.
The chairman of the listed companies involved was arrested by the ICAC on Wednesday.
It was alleged that he had conspired with the three arrested to offer advantages to some staff members of a securities company for assistance in setting up accounts for trading of shares in the listed companies, and for concealing the share price rigging activities.
It is believed that such shares trading was financed by the chairman of the listed companies to manipulate share prices.
So far, a total of 28 persons have been arrested in relation to the ICAC’s territory-wide operation which commenced on Wednesday. Inquiries are continuing.