Ex-finance company manager guilty of accepting $10m bribes for granting loans
2007-9-4
A former branch manager of a finance company, charged by the ICAC, was today (Tuesday) convicted at the District Court of accepting about $10 million in bribes for granting loans to a village house developer.
Kwok On-fat, 50, formerly employed by AIG Finance (Hong Kong) Limited (AIG) (previously known as SPC Credit Limited), was found guilty of two counts of conspiracy to accept advantages as an agent, and one of conspiracy to defraud.
Deputy Judge Ada Yim adjourned the case until 3:30 pm tomorrow (Wednesday) for mitigation and sentence, and granted Kwok bail of $300,000 in cash and $200,000 in surety.
The court heard that between October 1990 and December 1999, Kwok had conspired with a village house developer for Kwok to accept bribe payments on separate occasions.
The bribe payments, amounting to about $10 million, were the rewards for Kwok to grant the developer various loans, including 10 loans totalling over $22 million.
The court also heard that between October 1990 and August 1999, Kwok had conspired with the developer to defraud AIG.
He falsely represented that the particulars and details of a number of village houses provided and identified for inspection and valuation were in relation to those given as security in support of applications for mortgage finance.
Kwok also submitted to AIG false Lands Department documents in relation to those properties and induced AIG to provide the mortgage finance sought.
AIG prohibited its staff from accepting advantages in relation to the finance company's business, the court was told.
Kwok left Hong Kong in May 2002 prior to the commencement of the ICAC investigation.
A warrant for the arrest of Kwok was issued by a magistrate in Hong Kong in May 2004.
He was arrested in Los Angeles by the United States Marshals Service on October 27 last year at the request of the Hong Kong Government.
Kwok consented to be surrendered to Hong Kong during a court hearing in the USA on November 16 last year.
He was escorted by ICAC officers on a flight to return to Hong Kong from Los Angeles to face prosecution on January 3 this year.
The prosecution was today represented by prosecuting counsel Peter Ip, assisted by ICAC officer Terence Cheung.
Kwok On-fat, 50, formerly employed by AIG Finance (Hong Kong) Limited (AIG) (previously known as SPC Credit Limited), was found guilty of two counts of conspiracy to accept advantages as an agent, and one of conspiracy to defraud.
Deputy Judge Ada Yim adjourned the case until 3:30 pm tomorrow (Wednesday) for mitigation and sentence, and granted Kwok bail of $300,000 in cash and $200,000 in surety.
The court heard that between October 1990 and December 1999, Kwok had conspired with a village house developer for Kwok to accept bribe payments on separate occasions.
The bribe payments, amounting to about $10 million, were the rewards for Kwok to grant the developer various loans, including 10 loans totalling over $22 million.
The court also heard that between October 1990 and August 1999, Kwok had conspired with the developer to defraud AIG.
He falsely represented that the particulars and details of a number of village houses provided and identified for inspection and valuation were in relation to those given as security in support of applications for mortgage finance.
Kwok also submitted to AIG false Lands Department documents in relation to those properties and induced AIG to provide the mortgage finance sought.
AIG prohibited its staff from accepting advantages in relation to the finance company's business, the court was told.
Kwok left Hong Kong in May 2002 prior to the commencement of the ICAC investigation.
A warrant for the arrest of Kwok was issued by a magistrate in Hong Kong in May 2004.
He was arrested in Los Angeles by the United States Marshals Service on October 27 last year at the request of the Hong Kong Government.
Kwok consented to be surrendered to Hong Kong during a court hearing in the USA on November 16 last year.
He was escorted by ICAC officers on a flight to return to Hong Kong from Los Angeles to face prosecution on January 3 this year.
The prosecution was today represented by prosecuting counsel Peter Ip, assisted by ICAC officer Terence Cheung.