Company director in court for alleged bribe-for-US$4m loan
2014-1-17
A director of an investment company was today (Friday) brought to Eastern Magistracy after being charged by the ICAC with offering a bribe to a senior executive of a bank in return for a US$4 million loan.
Zhong Yuan-wei, 39, director of C&S (Hong Kong) International Holdings Limited (C&S), faced one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance.
No plea was taken today. Principal Magistrate Ms Bina Chainrai adjourned the case to March 14 this year, pending further ICAC enquiries. The defendant was remanded in the custody of the Correctional Services Department.
ICAC enquiries revealed that C&S was engaged in various investment projects, including rosewood timber business in the Solomon Islands.
On Wednesday (January 15), Zhong approached a vice president of the Commercial Banking at the Hongkong and Shanghai Banking Corporation Limited (HSBC) in relation to an application for a loan and made an offer of the bribe. The vice president did not acc ede to the offer made by Zhong.
Subsequently, Zhong was arrested by ICAC officers for suspected corruption. He was laid with a bribery charge yesterday.
The charge alleged that on January 15 this year, Zhong offered an unspecified amount of money to the vice president of HSBC as a reward for assisting him in securing a loan of US$4 million from HSBC for his investment project in the Solomon Islands.
HSBC has rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Winnie Wong.
Zhong Yuan-wei, 39, director of C&S (Hong Kong) International Holdings Limited (C&S), faced one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance.
No plea was taken today. Principal Magistrate Ms Bina Chainrai adjourned the case to March 14 this year, pending further ICAC enquiries. The defendant was remanded in the custody of the Correctional Services Department.
ICAC enquiries revealed that C&S was engaged in various investment projects, including rosewood timber business in the Solomon Islands.
On Wednesday (January 15), Zhong approached a vice president of the Commercial Banking at the Hongkong and Shanghai Banking Corporation Limited (HSBC) in relation to an application for a loan and made an offer of the bribe. The vice president did not acc ede to the offer made by Zhong.
Subsequently, Zhong was arrested by ICAC officers for suspected corruption. He was laid with a bribery charge yesterday.
The charge alleged that on January 15 this year, Zhong offered an unspecified amount of money to the vice president of HSBC as a reward for assisting him in securing a loan of US$4 million from HSBC for his investment project in the Solomon Islands.
HSBC has rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Winnie Wong.