Trading company duo charged by ICAC for offering over HK$1m bribes to vice president of bank over receipt of fund
2024-5-6
A director and a representative of a trading company were charged by the ICAC today (May 6) for allegedly offering bribes totalling HK$1.02 million to a vice president of a bank for assisting the company to receive an investment fund claimed to amount to $200 billion euros through its account held with the bank.
Wammy Ngan Wang-lai and Jiang Jiaxin, respectively sole director cum shareholder and representative of Hong Kong Chinese Reserve International Company Limited (Chinese Reserve), both 55, jointly face two charges – one of conspiracy to offer an advantage to an agent and one of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO) and Section 159A of the Crimes Ordinance.
The two defendants were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts on Wednesday (May 8) for mention. The prosecution will apply for transferring the case to the District Court for plea.
At the material time, Chinese Reserve held a bank account with DBS Bank (Hong Kong) Limited (DBS Bank), which required its customers to provide supporting documents in respect of large transactions for verification for due diligence purpose.
It is alleged that between July and August 2023, the defendants conspired together to offer two bribe payments of HK$1 million and HK$20,000 respectively to a vice president of DBS Bank for assisting Chinese Reserve to re-activate its dormant bank account held with DBS Bank in order to receive an investment fund through the account.
The vice president rejected the defendants’ offers and reported the matter to the bank. The ICAC subsequently received a corruption complaint and conducted an investigation. Enquiries revealed that Ngan claimed that Chinese Reserve had to receive an investment fund of $200 billion euros through its bank account held with DBS Bank and allegedly provided false documents to the bank.
The ICAC reminds members of the public not to bribe bank staff in exchange for its services, otherwise it may constitute breaches of the POBO. Should anyone comes across any suspicion of corruption, he or she should report to the ICAC immediately. ICAC 24-hour Report Corruption Hotline: 25 266 366.
The ICAC has been actively promoting corruption prevention services to banks and enhancing banking practitioners’ knowledge on the anti-corruption laws. The newly launched “Corruption Prevention Guide for Banks” assists banks in managing corruption risks in core operations, including accounts opening. An Ethics Promotion Programme for the Banking Industry was also launched to help bank staff to understand common corruption loopholes.
DBS Bank has rendered full assistance to the ICAC during its investigation into the case.
Wammy Ngan Wang-lai and Jiang Jiaxin, respectively sole director cum shareholder and representative of Hong Kong Chinese Reserve International Company Limited (Chinese Reserve), both 55, jointly face two charges – one of conspiracy to offer an advantage to an agent and one of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO) and Section 159A of the Crimes Ordinance.
The two defendants were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts on Wednesday (May 8) for mention. The prosecution will apply for transferring the case to the District Court for plea.
At the material time, Chinese Reserve held a bank account with DBS Bank (Hong Kong) Limited (DBS Bank), which required its customers to provide supporting documents in respect of large transactions for verification for due diligence purpose.
It is alleged that between July and August 2023, the defendants conspired together to offer two bribe payments of HK$1 million and HK$20,000 respectively to a vice president of DBS Bank for assisting Chinese Reserve to re-activate its dormant bank account held with DBS Bank in order to receive an investment fund through the account.
The vice president rejected the defendants’ offers and reported the matter to the bank. The ICAC subsequently received a corruption complaint and conducted an investigation. Enquiries revealed that Ngan claimed that Chinese Reserve had to receive an investment fund of $200 billion euros through its bank account held with DBS Bank and allegedly provided false documents to the bank.
The ICAC reminds members of the public not to bribe bank staff in exchange for its services, otherwise it may constitute breaches of the POBO. Should anyone comes across any suspicion of corruption, he or she should report to the ICAC immediately. ICAC 24-hour Report Corruption Hotline: 25 266 366.
The ICAC has been actively promoting corruption prevention services to banks and enhancing banking practitioners’ knowledge on the anti-corruption laws. The newly launched “Corruption Prevention Guide for Banks” assists banks in managing corruption risks in core operations, including accounts opening. An Ethics Promotion Programme for the Banking Industry was also launched to help bank staff to understand common corruption loopholes.
DBS Bank has rendered full assistance to the ICAC during its investigation into the case.