Duo charged for alleged $365,000 bribery over trading in securities
2014-4-7
A former licensed representative and a client of a securities firm have been charged by the ICAC today (Monday) with accepting and offering a total of over $365,000 in illegal commissions respectively in relation to trading in securities.
Ching Yim-har, 60, a former licensed representative of Phillip Securities (Hong Kong) Limited (PSL), faces two counts of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Yip Ying-lai, 56, a client of PSL, has been charged with two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
The defendants, currently on ICAC bail, will appear in the Eastern Magistracy at 9:30 am on Wednesday (April 9) for plea.
The case arose from a corruption complaint referred by the Securities and Futures Commission (SFC).
At the material time, Ching was a licensed representative accredited to PSL to deal in securities and advise on securities under the Securities and Futures Ordinance on behalf of clients of PSL. Yip was a client of PSL.
The first two charges allege that on January 10, 2007 and January 11, 2008, Ching, without lawful authority or reasonable excuse, accepted $99,688 and $265,688 in illegal commissions respectively from Yip as rewards for providing services as a licensed re presentative in respect of the investment account of Yip held with PSL.
The remaining two charges allege Yip of having offered the above two sums of illegal commissions to Ching for the same purpose.
The SFC and the PSL have rendered full assistance to the ICAC during its investigation.
Ching Yim-har, 60, a former licensed representative of Phillip Securities (Hong Kong) Limited (PSL), faces two counts of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Yip Ying-lai, 56, a client of PSL, has been charged with two counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
The defendants, currently on ICAC bail, will appear in the Eastern Magistracy at 9:30 am on Wednesday (April 9) for plea.
The case arose from a corruption complaint referred by the Securities and Futures Commission (SFC).
At the material time, Ching was a licensed representative accredited to PSL to deal in securities and advise on securities under the Securities and Futures Ordinance on behalf of clients of PSL. Yip was a client of PSL.
The first two charges allege that on January 10, 2007 and January 11, 2008, Ching, without lawful authority or reasonable excuse, accepted $99,688 and $265,688 in illegal commissions respectively from Yip as rewards for providing services as a licensed re presentative in respect of the investment account of Yip held with PSL.
The remaining two charges allege Yip of having offered the above two sums of illegal commissions to Ching for the same purpose.
The SFC and the PSL have rendered full assistance to the ICAC during its investigation.