Korean businessman jailed for bribing bank manager
2009-10-15
A Korean businessman was today (Thursday) sentenced to six months’ imprisonment at the Eastern Magistracy for bribing a manager of the Hongkong and Shanghai Banking Corporation (HSBC) for assisting him to redeem a false copy of a US$50 billion worth Gold Bullion Deposit Certificate.
Chin Soo-yong, 64, was earlier found guilty of one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance; and one of using a copy of a false instrument.
In passing sentence, Magistrate Henry Mierczak noted that in view of the seriousness of the offences, a custodial sentence had to be meted out.
The court heard that at the time of the offences Chin was the chairman-cum-director of PK Trading Corporation Limited which was engaged in the trading of electronic components in Hong Kong, the Philippines and the USA.
On May 21 this year, when the defendant visited the HSBC’s head office, he showed an assistant bank manager a copy of a Gold Bullion Deposit Certificate worth US$50 billion, in the name of another person.
The defendant claimed that upon redeeming the certificate, he would deposit the proceeds into a newly opened bank account with HSBC in his company name.
Prior to his departure, the defendant left the copy of the certificate with the assistant manager and told her that if she helped him, he would share a portion of the proceeds with her.
The assistant manager reported the matter to her supervisor. It was later confirmed that the copy of the certificate was false.
When the defendant returned the next day, he told the assistant manager that he would give the bank five percent of the proceeds and share a portion of the money with her personally if she successfully helped him.
Police was alerted instantly and the defendant was arrested. The case was subsequently referred to the ICAC for further investigation.
HSBC rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Mr Joseph Pethes, assisted by ICAC officer Paul Lau.
Chin Soo-yong, 64, was earlier found guilty of one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance; and one of using a copy of a false instrument.
In passing sentence, Magistrate Henry Mierczak noted that in view of the seriousness of the offences, a custodial sentence had to be meted out.
The court heard that at the time of the offences Chin was the chairman-cum-director of PK Trading Corporation Limited which was engaged in the trading of electronic components in Hong Kong, the Philippines and the USA.
On May 21 this year, when the defendant visited the HSBC’s head office, he showed an assistant bank manager a copy of a Gold Bullion Deposit Certificate worth US$50 billion, in the name of another person.
The defendant claimed that upon redeeming the certificate, he would deposit the proceeds into a newly opened bank account with HSBC in his company name.
Prior to his departure, the defendant left the copy of the certificate with the assistant manager and told her that if she helped him, he would share a portion of the proceeds with her.
The assistant manager reported the matter to her supervisor. It was later confirmed that the copy of the certificate was false.
When the defendant returned the next day, he told the assistant manager that he would give the bank five percent of the proceeds and share a portion of the money with her personally if she successfully helped him.
Police was alerted instantly and the defendant was arrested. The case was subsequently referred to the ICAC for further investigation.
HSBC rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Mr Joseph Pethes, assisted by ICAC officer Paul Lau.