Five key members of an active ramp-and-dump syndicate were arrested in a follow-up joint operation of the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) mounted in the past two days (14 and 15 March). The sophisticated syndicate is suspected of operating ramp-and-dump market manipulation involving illicit gains of $191 million through a complex shareholding network of Hong Kong-listed companies by corrupt means. Eight other members of the syndicate were earlier arrested in another joint operation of the SFC and the ICAC (Note 1).

In the course of a corruption investigation by the ICAC, it was revealed that a financial intermediary had allegedly conspired with two mortgage loan applicants to deceive a financial services company into granting the duo loans totalling about $5.2 million by making false representations about their monthly salaries. Following the prosecution of the two mortgage loan applicants, the financial intermediary was charged by the Commission yesterday (March 14).

A parent, charged by the ICAC, today (March 14) admitted at the Eastern Magistrates’ Courts that she had offered a bribe of $20,000 in cash to a headmistress of a government primary school in a bid to secure a primary one placement for her son. The incident was revealed in a corruption complaint filed by the school.

A then Police Sergeant was charged by the ICAC today (March 14) for allegedly deceiving the Hong Kong Police Credit Union (HKPCU) into granting four loans totalling over $760,000 to him by making false representations about his loans from and monthly loan repayments to banks or financial institutions. The fraud offences were revealed in the course of a corruption investigation by the ICAC.

A man was charged by the ICAC today (March 13) for allegedly bribing a nurse of a Community Vaccination Centre (CVC) with $1,000 for obtaining a vaccination record without inoculating the COVID-19 vaccine.

Four former site team leaders of a sub-contractor of the Third Runway Project of the Hong Kong International Airport (Third Runway Project) were charged by the ICAC today (March 10) with soliciting and accepting illegal rebates totalling about $430,000 from around 40 riggers, bar-benders and carpenters in relation to their employment with the sub-contractor. Arising from the relevant investigation, the ICAC has so far charged a total of 21 people.

A Workman of the Water Supplies Department (WSD), charged by the ICAC, today (March 10) admitted at the West Kowloon Magistrates’ Courts that he had accepted various unauthorised loans totalling about $570,000 from six colleagues over a span of about one and a half years.

Following the receipt of a complaint alleging impersonation of ICAC officers in phone scams, the Commission concluded an investigation and revealed that a man was suspected to have received a few hundred RMB for visiting Hong Kong to open a bank account, which was subsequently operated by others to handle payments in phone scams. The man, charged by the ICAC earlier, was sentenced to four months’ imprisonment after pleading guilty to conspiracy to commit money laundering at the Kowloon City Magistrates’ Courts today (March 9).

The ICAC today (March 8) charged a Workman of the Water Supplies Department (WSD) with accepting various unauthorised loans totalling about $570,000 from six colleagues over a span of about one and a half years.

A former site team leader of a sub-contractor of the Third Runway Project of the Hong Kong International Airport (Third Runway Project) today (March 7) admitted at the West Kowloon Magistrates’ Courts that he had deceived the sub-contractor into paying higher daily wages to four summer job seekers by making false representations that they were experienced plumbers. The defendant was among 17 people charged by the ICAC with bribery over workers’ employment arising from the relevant investigation.