Ex-bank managers charged with bribery and fraud
2016-5-18
Two former managers of a bank have been charged by the ICAC today (Wednesday) with accepting and soliciting bribes totalling $110,000 for referring clients and defrauding the bank of $118,400 in commissions.
Chau Hang-yu (formerly known as Aixingero Chat-yung), 30, a former Associate Relationship Manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), and Steve Chow Chun-yin, 32, a former Wealth Management Manager of HSBC, face six joint charges of conspiracy to defraud, contrary to Common Law, while Chau alone faces another six counts of similar offences.
Chau further faces two charges – one of agent accepting an advantage and one of agent soliciting an advantage, both contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
The defendants will appear at the Eastern Magistracy on Friday (May 20) for transfer of the case to the District Court for plea.
At the material time, Chau and Chow were employed by HSBC to promote and sell its investment and insurance products to clients.
Six of the charges allege that between September 1 and October 31, 2012, Chau and Chow conspired together with an employee of HSBC to defraud the bank by falsely representing that the employee was the genuine sales staff member of an insurance policy application and five unit trust subscription orders made by two clients, and inducing the bank to approve the application and subscription orders and pay commissions to that employee.
Six other charges allege that between September 1 and October 31, 2012, Chau conspired together with the employee to defraud the bank by falsely representing that the employee was the genuine sales staff member of six unit trust subscription orders made by three clients, and inducing the bank to approve the subscription orders and pay commissions to that employee.
Another charge alleges that on November 26, 2012, Chau accepted from the employee $55,000 as a reward for referring her clients to that employee in September 2012.
The remaining charge alleges that on November 26, 2012, Chau solicited from the employee $55,000 for referring her clients to that employee in October 2012.
HSBC has rendered full assistance to the ICAC during its investigation.
Chau Hang-yu (formerly known as Aixingero Chat-yung), 30, a former Associate Relationship Manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), and Steve Chow Chun-yin, 32, a former Wealth Management Manager of HSBC, face six joint charges of conspiracy to defraud, contrary to Common Law, while Chau alone faces another six counts of similar offences.
Chau further faces two charges – one of agent accepting an advantage and one of agent soliciting an advantage, both contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance.
The defendants will appear at the Eastern Magistracy on Friday (May 20) for transfer of the case to the District Court for plea.
At the material time, Chau and Chow were employed by HSBC to promote and sell its investment and insurance products to clients.
Six of the charges allege that between September 1 and October 31, 2012, Chau and Chow conspired together with an employee of HSBC to defraud the bank by falsely representing that the employee was the genuine sales staff member of an insurance policy application and five unit trust subscription orders made by two clients, and inducing the bank to approve the application and subscription orders and pay commissions to that employee.
Six other charges allege that between September 1 and October 31, 2012, Chau conspired together with the employee to defraud the bank by falsely representing that the employee was the genuine sales staff member of six unit trust subscription orders made by three clients, and inducing the bank to approve the subscription orders and pay commissions to that employee.
Another charge alleges that on November 26, 2012, Chau accepted from the employee $55,000 as a reward for referring her clients to that employee in September 2012.
The remaining charge alleges that on November 26, 2012, Chau solicited from the employee $55,000 for referring her clients to that employee in October 2012.
HSBC has rendered full assistance to the ICAC during its investigation.