A former director of an investment company and a former fund manager of an investment management company today (Wednesday) admitted their roles in a bribery scam in relation to the purchase of shares in publicly listed Kwong Hing International Holdings (B ermuda) Limited (Kwong Hing).

Louis Lin Chak-pui, 36, a former director of SBI E2-Capital China Holdings Limited (SBI E2-Capital); and Adrian Foo Tiang-hock, 35, a former fund manager of ING Investment Management Asia Pacific (Hong Kong) Limited (ING), pleaded guilty to one joint char ge of conspiracy to offer advantages to an agent before District Court Judge Fergal Sweeney.

Lin further pleaded guilty to a similar offence, while Foo admitted another count of accepting an advantage as an agent.

The court heard that on four occasions between July 2003 and February 2004, Lin and Foo had conspired with a senior vice president of SBI E2-Capital to offer a total of $2.39 million to Foo.

The bribes were rewards for Foo to cause ING to purchase 15 million shares of Kwong Hing, and hold the shares for six months.

After receiving the bribes, the senior vice president of SBI E2-Capital shared the money with Lin and Foo.

The court also heard that Lin had conspired with the senior vice president of SBI E2-Capital to offer advantages to a former executive director of UBS AG for promoting the shares of Kwong Hing.

The advantages were equivalent to the difference between the market price and $1.08 per share for 10 million shares of Kwong Hing, the court was told.

Foo had accepted $1 million from the senior vice president of SBI E2-Capital for causing ING to purchase 18 million shares of another listed company - LeRoi Holdings Limited, the court heard.

The judge adjourned sentencing until conclusion of the trial of two co-defendants, and remanded Lin and Foo in the custody of the Correctional Services Department.

The prosecution was today represented by David Fitzpatrick, counsel on fiat, assisted by ICAC officer Aman Chee.