Seven persons, including a former executive director and a former financial controller of Shanghai Land Holdings Limited (Shanghai Land), have been arrested and charged by the ICAC for alleged conspiracy to defraud in relation to the acquisition of imGO L imited (imGO) (later renamed as Shanghai Land).

A former Chief Manager of publicly listed The Wharf (Holdings) Limited (Wharf), charged by the ICAC, was today (Friday) convicted at the District Court of conspiracy to accept about $3 million in bribes in relation to Wharf's construction and renovation c ontracts.

A Taiwanese merchant was today (Friday) sentenced to 18 months' imprisonment at the District Court for deceiving a total of $200,000 from a Mainlander on the pretext of using the monies to bribe law enforcement officers for releasing him from legal custod y.

The former chairman of publicly listed Wealthmark International (Holdings) Limited (Wealthmark), charged by the ICAC, was today (Wednesday) sentenced at the District Court to an additional 27 months' imprisonment for his role in defrauding banks of $57 mi llion in Letters of Credit (L/Cs) facilities based on bogus business transactions.

In response to press enquiries, an ICAC spokesman today (Wednesday) confirmed that 30 persons have been arrested for allegedly violating the Prevention of Bribery Ordinance in relation to the lease and sale of properties.

Two former staff of a department store, charged by the ICAC, were today (Thursday) given prison terms at District Court for bribery and fraud in relation to the purchase of computer and related equipment.

A businessman, charged by the ICAC, was today (Wednesday) sentenced to an imprisonment of four years and nine months at District Court for his role in a scam to defraud over $1.2 million in relation to the transfer of market stalls managed by the Food and Environmental Hygiene Department (FEHD).

According to a survey released by the Control Risks Group on Monday, 76% of the 50 Hong Kong companies polled said that they believed they had lost business in the last five years because a competitor had paid a bribe.

In response to press enquiries about the results of a survey released by Control Risks Group, an ICAC spokesman today made the following statement:

Officers of the Independent Commission Against Corruption (ICAC) must always adhere to the law in carrying out anti-corruption work and continue to strive for excellence in face of the ever changing social circumstances, said ICAC Commissioner Raymond Won g Hung-chiu today (Friday).