Ex-estate agent guilty of bribery and fraud over property transaction
2017-11-21
A former estate agent of a property agency, charged by the ICAC, was today (November 21) convicted at the Eastern Magistracy of accepting an illegal commission of over $114,700 for diverting business concerning a property transaction to another property agency, and defrauding purchasers of price differences amounting to $400,000 in the transaction.
Willis Chiu Wai-lap, 48, former estate agent of Midland Realty International Limited (Midland Realty), was found guilty of two charges – one of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance, and one of fraud, contrary to Section 16A of the Theft Ordinance.
Deputy Magistrate Mr Peter Hui Shiu-keung adjourned the case until December 5 this year for sentence, pending a background report. The defendant was remanded in the custody of the Correctional Services Department.
The court heard that at the material time, the defendant was a licensed estate agent of Midland Realty. In July 2015, he joined another property agency as senior sales manager.
In April 2015, an owner entrusted Midland Realty to sell his property and car parking spaces at a private residential estate in Victoria Road at an asking price of $32 million.
After the defendant introduced the property to a couple, the owner was willing to reduce the asking price to $31.1 million on June 12, 2015.
On the following day, the defendant told the couple that he was going to join another property agency.
The court heard that on June 14, 2015, the defendant suggested the couple make an offer of $31.5 million to purchase the property.
The couple acceded to the suggestion and signed a provisional sale and purchase agreement of the property agency to purchase the property at $31.5 million. Hence, the couple were misled to pay $400,000 more to purchase the property.
The owner and the couple paid commissions totalling $357,500 to the property agency.
As a result, the defendant received over $114,700 out of those commissions as a reward for diverting business concerning the property transaction from Midland Realty to the property agency, the court was told.
Midland Realty had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Stephen Lau, assisted by ICAC officer Cindy Ho.
Willis Chiu Wai-lap, 48, former estate agent of Midland Realty International Limited (Midland Realty), was found guilty of two charges – one of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance, and one of fraud, contrary to Section 16A of the Theft Ordinance.
Deputy Magistrate Mr Peter Hui Shiu-keung adjourned the case until December 5 this year for sentence, pending a background report. The defendant was remanded in the custody of the Correctional Services Department.
The court heard that at the material time, the defendant was a licensed estate agent of Midland Realty. In July 2015, he joined another property agency as senior sales manager.
In April 2015, an owner entrusted Midland Realty to sell his property and car parking spaces at a private residential estate in Victoria Road at an asking price of $32 million.
After the defendant introduced the property to a couple, the owner was willing to reduce the asking price to $31.1 million on June 12, 2015.
On the following day, the defendant told the couple that he was going to join another property agency.
The court heard that on June 14, 2015, the defendant suggested the couple make an offer of $31.5 million to purchase the property.
The couple acceded to the suggestion and signed a provisional sale and purchase agreement of the property agency to purchase the property at $31.5 million. Hence, the couple were misled to pay $400,000 more to purchase the property.
The owner and the couple paid commissions totalling $357,500 to the property agency.
As a result, the defendant received over $114,700 out of those commissions as a reward for diverting business concerning the property transaction from Midland Realty to the property agency, the court was told.
Midland Realty had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Stephen Lau, assisted by ICAC officer Cindy Ho.