Ex-associate director of investment bank charged with $1.5m bribery
2017-3-29
A former associate director of a foreign investment bank has been charged by the ICAC today (March 29) with conspiracy for him to accept bribes of about $1.5 million in total for managing the investment portfolio of a client with the bank.
Tu Bing, 39, former associate director of UBS AG Hong Kong Branch (UBS Hong Kong Branch), faces one count of conspiracy for an 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 will appear in the Eastern Magistracy on Friday (March 31) for transfer to the District Court for plea.
At the material time, the defendant was an associate director of Global Wealth Management and Business Banking of UBS Hong Kong Branch. He was responsible for managing investment portfolios of clients.
The charge alleges that between May 1, 2007 and November 10, 2008, the defendant conspired together with a client for the former to, without lawful authority or reasonable excuse, accept bribes as rewards for managing the client’s investment portfolio with UBS Hong Kong Branch.
The bribes allegedly accepted by the defendant, which were at a rate of 20 per cent of the gross investment gains made by him when he managed the investment account of the client held with UBS Hong Kong Branch, were said to amount to about $1.5 million.
UBS Hong Kong Branch has rendered full assistance to the ICAC during its investigation.
The defendant has been released on ICAC bail, pending his court appearance on Friday.
Tu Bing, 39, former associate director of UBS AG Hong Kong Branch (UBS Hong Kong Branch), faces one count of conspiracy for an 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 will appear in the Eastern Magistracy on Friday (March 31) for transfer to the District Court for plea.
At the material time, the defendant was an associate director of Global Wealth Management and Business Banking of UBS Hong Kong Branch. He was responsible for managing investment portfolios of clients.
The charge alleges that between May 1, 2007 and November 10, 2008, the defendant conspired together with a client for the former to, without lawful authority or reasonable excuse, accept bribes as rewards for managing the client’s investment portfolio with UBS Hong Kong Branch.
The bribes allegedly accepted by the defendant, which were at a rate of 20 per cent of the gross investment gains made by him when he managed the investment account of the client held with UBS Hong Kong Branch, were said to amount to about $1.5 million.
UBS Hong Kong Branch has rendered full assistance to the ICAC during its investigation.
The defendant has been released on ICAC bail, pending his court appearance on Friday.