Former senior bank executive jailed for $380,000 bribery
2004-9-20
A former senior executive of the then China and South Sea Bank Limited was today (Monday) sentenced to seven months' imprisonment at District Court for accepting a $380,000 loan from a director of a company in relation to the company's credit arrangement with the bank.
Ng Sai-wing, 47, former deputy general manager of China and South Sea Bank Limited, was also jailed for one month for wilfully making a false statement.
The sentences for both offences are to run consecutively, making Ng's jail term eight months in total.
Ng was also ordered to repay the $380,000 loan to the company's director.
In sentencing, Judge Anthony To reprimanded the defendant for abusing his senior position.
The judge added that a custodial sentence must be imposed to serve as a deterrent.
Ng was today found guilty of one count of agent accepting an advantage, contrary to Section 9 (1)(b) of the Prevention of Bribery Ordinance (PBO).
Ng earlier pleaded guilty to one count of wilfully making a false statement, contrary to Section 14(5) of PBO.
The court heard that on January 12, 1999, Ng accepted a $380,000 loan from a director of a company, who was a client of the bank.
In return, Ng caused the bank to approve a reduction in the interest rate of credit facilities the company had with the bank. As a result, the company’s annual interest payment was cut down by $135,000.
The court also heard that during the course of the ICAC investigation, Ng had wilfully made a false statement in relation to his liabilities on August 29, 2003, in answer to a notice issued by the ICAC under Section 14(1) of PBO.
In answer to the notice, Ng had declared that he had no other liability, except a mortgage loan owed to the Bank of China.
The prosecution was today represented by Petrus Chan on a fiat, assisted by ICAC officer Patrick So.
Ng Sai-wing, 47, former deputy general manager of China and South Sea Bank Limited, was also jailed for one month for wilfully making a false statement.
The sentences for both offences are to run consecutively, making Ng's jail term eight months in total.
Ng was also ordered to repay the $380,000 loan to the company's director.
In sentencing, Judge Anthony To reprimanded the defendant for abusing his senior position.
The judge added that a custodial sentence must be imposed to serve as a deterrent.
Ng was today found guilty of one count of agent accepting an advantage, contrary to Section 9 (1)(b) of the Prevention of Bribery Ordinance (PBO).
Ng earlier pleaded guilty to one count of wilfully making a false statement, contrary to Section 14(5) of PBO.
The court heard that on January 12, 1999, Ng accepted a $380,000 loan from a director of a company, who was a client of the bank.
In return, Ng caused the bank to approve a reduction in the interest rate of credit facilities the company had with the bank. As a result, the company’s annual interest payment was cut down by $135,000.
The court also heard that during the course of the ICAC investigation, Ng had wilfully made a false statement in relation to his liabilities on August 29, 2003, in answer to a notice issued by the ICAC under Section 14(1) of PBO.
In answer to the notice, Ng had declared that he had no other liability, except a mortgage loan owed to the Bank of China.
The prosecution was today represented by Petrus Chan on a fiat, assisted by ICAC officer Patrick So.