Seven years’ jail for $24 million bribery over trading of derivative warrants
2013-12-9
A former senior executive of a bank and a stock investor, charged by the ICAC, were today (Monday) each sentenced to seven years’ imprisonment at the Court of First Instance for accepting and offering $24.8 million in bribes respectively in relation to the trading of derivative warrants issued by the bank.
Ma Sin-chi, 39, former managing director of Deutsche Bank Aktiengesellschaft (Deutsche Bank), was found guilty last Friday by a jury of four counts of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Ha But-yee, 62, stock investor, was convicted of four counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
In sentencing, Mr Justice Patrick Li Hon-leung described corruption as cancer in the society, and said he had to mete out immediate custodial sentences to the defendants to serve as a deterrent.
The judge reprimanded Ma for committing the bribery offence, which constituted a serious breach of trust.
The judge also ordered Ma to return the bribe monies, totalling $24.8 million, to the Deutsche Bank.
The court heard that at the material time, Ma was the managing director of Deutsche Bank, and also served as chief warrant trader. Deutsche Bank appointed Deutsche Securities Asia Limited as its liquidity provider.
Between January 16, 2007 and May 7, 2008, Ma accepted a total of $24.8 million in bribes from Ha as rewards for giving information on derivative warrants issued by Deutsche Bank, which might assist Ha in his trading of those derivative warrants, the court was told.
Deutsche Bank and the Securities and Futures Commission had rendered full assistance to the ICAC during the investigation.
The prosecution was today represented by prosecuting counsel John Dunn, assisted by ICAC officer Natasha Li.
Ma Sin-chi, 39, former managing director of Deutsche Bank Aktiengesellschaft (Deutsche Bank), was found guilty last Friday by a jury of four counts of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Ha But-yee, 62, stock investor, was convicted of four counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
In sentencing, Mr Justice Patrick Li Hon-leung described corruption as cancer in the society, and said he had to mete out immediate custodial sentences to the defendants to serve as a deterrent.
The judge reprimanded Ma for committing the bribery offence, which constituted a serious breach of trust.
The judge also ordered Ma to return the bribe monies, totalling $24.8 million, to the Deutsche Bank.
The court heard that at the material time, Ma was the managing director of Deutsche Bank, and also served as chief warrant trader. Deutsche Bank appointed Deutsche Securities Asia Limited as its liquidity provider.
Between January 16, 2007 and May 7, 2008, Ma accepted a total of $24.8 million in bribes from Ha as rewards for giving information on derivative warrants issued by Deutsche Bank, which might assist Ha in his trading of those derivative warrants, the court was told.
Deutsche Bank and the Securities and Futures Commission had rendered full assistance to the ICAC during the investigation.
The prosecution was today represented by prosecuting counsel John Dunn, assisted by ICAC officer Natasha Li.