Ex-bank manager charged by ICAC with accepting bribes from clients over stock trading
2021-12-7
The ICAC today (December 7) charged a former manager of a bank with accepting bribes totalling about $60,000 from two clients for assisting them in the trading of stocks.
The investigation arose from a corruption complaint received in mid-2020. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charges be laid against the former bank manager.
Lam Man-leung, 48, former securities manager of Shanghai Commercial Bank Limited (Shanghai Commercial Bank), faces two counts of conspiracy for agent to accept advantages, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance and Section 159A of the Crimes Ordinance.
The defendant was released on ICAC bail, pending his court appearance in the West Kowloon Magistrates’ Courts on Thursday (December 9) for plea.
At the material time, the defendant was employed by Shanghai Commercial Bank as securities manager of a branch. His job duties included receiving stock trading instructions from clients and providing investment advice to clients upon request.
The defendant was not entitled to any commissions or incentives from the bank upon completion of trading transactions. All staff members of Shanghai Commercial Bank were prohibited from accepting any advantages in relation to the affairs of the bank unless approved by the bank.
One of the charges alleges that between December 2016 and December 2019, the defendant conspired together with a client of Shanghai Commercial Bank for him, without lawful authority or reasonable excuse, to accept approximately $10,000 from the client as an inducement to or reward for assisting the client in the sale and purchase of stocks.
Another charge alleges that between January 2007 and December 2010, the defendant conspired together with another client of Shanghai Commercial Bank for him, without lawful authority or reasonable excuse, to accept approximately $50,000 from the client as an inducement to or reward for assisting the client in the sale and purchase of stocks.
It is alleged that the defendant accepted the bribes after the above two clients made profits from stock trading upon his investment advices.
Shanghai Commercial Bank has rendered full assistance to the ICAC during its investigation into the case.
The investigation arose from a corruption complaint received in mid-2020. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charges be laid against the former bank manager.
Lam Man-leung, 48, former securities manager of Shanghai Commercial Bank Limited (Shanghai Commercial Bank), faces two counts of conspiracy for agent to accept advantages, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance and Section 159A of the Crimes Ordinance.
The defendant was released on ICAC bail, pending his court appearance in the West Kowloon Magistrates’ Courts on Thursday (December 9) for plea.
At the material time, the defendant was employed by Shanghai Commercial Bank as securities manager of a branch. His job duties included receiving stock trading instructions from clients and providing investment advice to clients upon request.
The defendant was not entitled to any commissions or incentives from the bank upon completion of trading transactions. All staff members of Shanghai Commercial Bank were prohibited from accepting any advantages in relation to the affairs of the bank unless approved by the bank.
One of the charges alleges that between December 2016 and December 2019, the defendant conspired together with a client of Shanghai Commercial Bank for him, without lawful authority or reasonable excuse, to accept approximately $10,000 from the client as an inducement to or reward for assisting the client in the sale and purchase of stocks.
Another charge alleges that between January 2007 and December 2010, the defendant conspired together with another client of Shanghai Commercial Bank for him, without lawful authority or reasonable excuse, to accept approximately $50,000 from the client as an inducement to or reward for assisting the client in the sale and purchase of stocks.
It is alleged that the defendant accepted the bribes after the above two clients made profits from stock trading upon his investment advices.
Shanghai Commercial Bank has rendered full assistance to the ICAC during its investigation into the case.