Trio face ICAC charges over trading of derivative warrants
2009-2-26
Three persons have been charged by the ICAC for their alleged involvement in bribery and fraud in relation to trading of derivative warrants.
Raymond Ng Chun-to, 41, operator of Hong Kong Investor Company Limited; Leo Lam Sze-hang, 29 and Polly Sun Chor-fun, 34, both unemployed, will appear at Eastern Magistracy at 9:30 am tomorrow (Friday) for mention.
The defendants were arrested in an ICAC operation code-named “ Night Sun ” in May last year.
Ng and Lam jointly face four counts of conspiracy to offer advantages to agents, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance and Section 159A of the Crimes Ordinance.
The charges allege them of conspiring together and with other persons to offer advantages respectively to employees of Calyon S.A., Citigroup Global Markets Asia Limited, Standard Bank Asia Limited and Dresdner Kleinwort Securities (Asia) Limited between September 1, 2005 and May 27, 2008.
The alleged conspiracy was related to the above employees quoting favourable prices to people connected with Ng for derivative warrants issued by Calyon Financial Products (Guernsey) Limited (Calyon Financial), Citigroup Global Markets Holdings Incorporat ion (Citigroup), Standard Bank PLC (Standard Bank) and Dresdner Bank AG (Dresdner).
Ng and Lam also face three joint charges of conspiracy to defraud which allegedly took place during the afore-mentioned period.
The charges allege them of conspiring together and with other persons to defraud such companies, firms and persons as might be induced to trade in derivative warrants issued by Calyon Financial, Citigroup, Standard Bank.
Ng, Lam and Sun were also jointly charged with one similar offence of conspiracy to defraud in relation to trading of derivative warrants issued by Dresdner.
Ng further faces one count of doing an act tending and with intent to pervert the course of public justice.
The Securities and Futures Commission has rendered full assistance to the ICAC during its investigation.
The defendants have been released on ICAC bail, pending their court appearance tomorrow.
Raymond Ng Chun-to, 41, operator of Hong Kong Investor Company Limited; Leo Lam Sze-hang, 29 and Polly Sun Chor-fun, 34, both unemployed, will appear at Eastern Magistracy at 9:30 am tomorrow (Friday) for mention.
The defendants were arrested in an ICAC operation code-named “ Night Sun ” in May last year.
Ng and Lam jointly face four counts of conspiracy to offer advantages to agents, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance and Section 159A of the Crimes Ordinance.
The charges allege them of conspiring together and with other persons to offer advantages respectively to employees of Calyon S.A., Citigroup Global Markets Asia Limited, Standard Bank Asia Limited and Dresdner Kleinwort Securities (Asia) Limited between September 1, 2005 and May 27, 2008.
The alleged conspiracy was related to the above employees quoting favourable prices to people connected with Ng for derivative warrants issued by Calyon Financial Products (Guernsey) Limited (Calyon Financial), Citigroup Global Markets Holdings Incorporat ion (Citigroup), Standard Bank PLC (Standard Bank) and Dresdner Bank AG (Dresdner).
Ng and Lam also face three joint charges of conspiracy to defraud which allegedly took place during the afore-mentioned period.
The charges allege them of conspiring together and with other persons to defraud such companies, firms and persons as might be induced to trade in derivative warrants issued by Calyon Financial, Citigroup, Standard Bank.
Ng, Lam and Sun were also jointly charged with one similar offence of conspiracy to defraud in relation to trading of derivative warrants issued by Dresdner.
Ng further faces one count of doing an act tending and with intent to pervert the course of public justice.
The Securities and Futures Commission has rendered full assistance to the ICAC during its investigation.
The defendants have been released on ICAC bail, pending their court appearance tomorrow.