Ex-manager of mortgage broker admits bribery over referral of mortgage clients
2017-2-14
A former manager of a mortgage broker, charged by the ICAC, today (February 14) admitted at the Eastern Magistracy that she had offered illegal commissions totalling about $24,000 to five then property agents of a property agency in relation to referral of clients for mortgage services.
Kat Choi Ching-man, 45, a senior account manager formerly employed by m.Mortgage Realty Strategic (HK) Services Limited (MRSSL), pleaded guilty to five counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO). The prosecution offered no evidence to three similar charges against her.
Magistrate Mr Jason Wan Siu-ming adjourned the case to February 27 this year for sentence, pending a community service order report. The defendant was remanded in the custody of the Correctional Services Department.
The court heard that at the material time, Choi was a senior account manager of MRSSL. Joee Ling Yiu-cho, Chiu Chor-wa, So Kin-shing, Wu Ka-man and Lau Chin-yim were property agents of Centaline Property Agency Limited (CPA) posted to its various branches.
MRSSL and its associated company Double Force Limited (DFL), and Centaline Mortgage Broker Limited (CMB), a broker associated with CPA, were brokers providing mortgage referral services. If a client of CPA required mortgage services, the client should be referred to CMB.
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, the court heard.
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.
Between December 4, 2012 and June 11, 2013, Choi offered a total of about $24,000 to Ling, Chiu, So, Wu and Lau as rewards for referring eight clients of CPA, who bought six properties, to MRSSL or DFL for mortgage services, the court was told.
Ling, Chiu, So, Wu and Lau, aged from 30 to 53, were also charged by the ICAC for their roles in the scam. They earlier pleaded guilty to seven counts of agent accepting an advantage, contrary to Section 9(1)(a) of the POBO.
The court heard between December 4, 2012 and June 11, 2013, the five defendants accepted illegal commissions of $28,250 in total from Choi as rewards for referring those clients of CPA to MRSSL or DFL for mortgage services.
Appearing in the Eastern Magistracy today, the five defendants had their case adjourned to February 28 this year, pending community service order reports. They were also ordered to pay the $28,250 as restitution to CPA.
CPA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Marco Li, assisted by ICAC officer Billy Cheng.
Kat Choi Ching-man, 45, a senior account manager formerly employed by m.Mortgage Realty Strategic (HK) Services Limited (MRSSL), pleaded guilty to five counts of offering an advantage to an agent, contrary to Section 9(2)(a) of the Prevention of Bribery Ordinance (POBO). The prosecution offered no evidence to three similar charges against her.
Magistrate Mr Jason Wan Siu-ming adjourned the case to February 27 this year for sentence, pending a community service order report. The defendant was remanded in the custody of the Correctional Services Department.
The court heard that at the material time, Choi was a senior account manager of MRSSL. Joee Ling Yiu-cho, Chiu Chor-wa, So Kin-shing, Wu Ka-man and Lau Chin-yim were property agents of Centaline Property Agency Limited (CPA) posted to its various branches.
MRSSL and its associated company Double Force Limited (DFL), and Centaline Mortgage Broker Limited (CMB), a broker associated with CPA, were brokers providing mortgage referral services. If a client of CPA required mortgage services, the client should be referred to CMB.
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, the court heard.
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.
Between December 4, 2012 and June 11, 2013, Choi offered a total of about $24,000 to Ling, Chiu, So, Wu and Lau as rewards for referring eight clients of CPA, who bought six properties, to MRSSL or DFL for mortgage services, the court was told.
Ling, Chiu, So, Wu and Lau, aged from 30 to 53, were also charged by the ICAC for their roles in the scam. They earlier pleaded guilty to seven counts of agent accepting an advantage, contrary to Section 9(1)(a) of the POBO.
The court heard between December 4, 2012 and June 11, 2013, the five defendants accepted illegal commissions of $28,250 in total from Choi as rewards for referring those clients of CPA to MRSSL or DFL for mortgage services.
Appearing in the Eastern Magistracy today, the five defendants had their case adjourned to February 28 this year, pending community service order reports. They were also ordered to pay the $28,250 as restitution to CPA.
CPA had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Marco Li, assisted by ICAC officer Billy Cheng.