Ex-manager of mortgage broker guilty of bribery
2017-1-4
A former manager of a mortgage broker, charged by the ICAC, was today (January 4) convicted at the Eastern Magistracy of having offered an illegal commission of over $5,700 to a then property agent of a property agency for referring its client for mortgage services.
Yuen Yat-wai, 45, a senior account manager formerly employed by m.Mortgage (HK) Limited (MHKL), was found guilty of one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO).
Magistrate Mr Jason Wan Siu-ming adjourned the case to February 2 this year for sentence, pending a community service order report. Yuen was granted cash bail of $5,000.
The court heard that at the material time, Yuen was a senior account manager of MHKL. MHKL and its associated companies, m.Mortgage Realty Strategic (HK) Services Limited (MRSSL) and Double Force Limited (DFL), were brokers providing mortgage referral services.
Leung Ho-wai was a then property agent of Centaline Property Agency Limited (CPA). If a client of CPA required mortgage services, the client should be referred to Centaline Mortgage Broker Limited (CMB), a broker associated with CPA.
Hong Kong Real Estate Agencies General Association Limited (the association) was a trade association whose members were local property agencies. Among the members were MRSSL and DFL.
For each successful referral by a member of the association, the bank or financial institution concerned would pay a commission to the association. After retaining five per cent of the commission as administrative fee, the association would pass the balance to the member.
The court heard that on October 6, 2012, a buyer bought a property through Leung. Afterwards, Leung referred the buyer to CMB for mortgage services.
Two days later, the buyer asked Leung to refer other mortgage brokers to her. Leung then sought assistance from Yuen who followed up with the buyer.
On December 17, 2012, the association received its form from DFL in respect of the mortgage application for the property. On the following day, the transaction was completed and a mortgage loan of about $5.5 million was drawn from a bank.
As a result of the referral, DFL received a commission from the association, the court heard.
On March 5, 2013, Yuen told Leung that she had received the commission in respect of the mortgage referral, and that Leung was entitled to share part of it.
On the same day, Leung met an unidentified woman and received from her an envelope containing several thousand dollars. It was revealed that Leung was paid a referral commission of $5,762.
Leung, 35, was also charged by the ICAC for his role in the scam in a separate case. He earlier pleaded guilty to one count of agent accepting an advantage, contrary to Section 9(1)(a) of the POBO.
Appearing in the Eastern Magistracy today, Leung had his case adjourned to February 2 this year for sentence, pending a community service order report.
CPA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Selwyn So, assisted by ICAC officer Billy Cheng.
Yuen Yat-wai, 45, a senior account manager formerly employed by m.Mortgage (HK) Limited (MHKL), was found guilty of one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO).
Magistrate Mr Jason Wan Siu-ming adjourned the case to February 2 this year for sentence, pending a community service order report. Yuen was granted cash bail of $5,000.
The court heard that at the material time, Yuen was a senior account manager of MHKL. MHKL and its associated companies, m.Mortgage Realty Strategic (HK) Services Limited (MRSSL) and Double Force Limited (DFL), were brokers providing mortgage referral services.
Leung Ho-wai was a then property agent of Centaline Property Agency Limited (CPA). If a client of CPA required mortgage services, the client should be referred to Centaline Mortgage Broker Limited (CMB), a broker associated with CPA.
Hong Kong Real Estate Agencies General Association Limited (the association) was a trade association whose members were local property agencies. Among the members were MRSSL and DFL.
For each successful referral by a member of the association, the bank or financial institution concerned would pay a commission to the association. After retaining five per cent of the commission as administrative fee, the association would pass the balance to the member.
The court heard that on October 6, 2012, a buyer bought a property through Leung. Afterwards, Leung referred the buyer to CMB for mortgage services.
Two days later, the buyer asked Leung to refer other mortgage brokers to her. Leung then sought assistance from Yuen who followed up with the buyer.
On December 17, 2012, the association received its form from DFL in respect of the mortgage application for the property. On the following day, the transaction was completed and a mortgage loan of about $5.5 million was drawn from a bank.
As a result of the referral, DFL received a commission from the association, the court heard.
On March 5, 2013, Yuen told Leung that she had received the commission in respect of the mortgage referral, and that Leung was entitled to share part of it.
On the same day, Leung met an unidentified woman and received from her an envelope containing several thousand dollars. It was revealed that Leung was paid a referral commission of $5,762.
Leung, 35, was also charged by the ICAC for his role in the scam in a separate case. He earlier pleaded guilty to one count of agent accepting an advantage, contrary to Section 9(1)(a) of the POBO.
Appearing in the Eastern Magistracy today, Leung had his case adjourned to February 2 this year for sentence, pending a community service order report.
CPA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Selwyn So, assisted by ICAC officer Billy Cheng.