Duo admit $6.4m bribery over trading of derivative warrants
2018-1-22
A former senior executive of a bank and an investor, charged by the ICAC, admitted in the Court of First Instance (CFI) today (January 22) that they had accepted and offered about $6.4 million in bribes respectively in relation to the trading of derivative warrants issued by the bank.
Ma Sin-chi, 44, former director of Deutsche Bank Aktiengesellschaft (Deutsche Bank), pleaded guilty to one count of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Ha But-yee, 66, an investor, admitted one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
Judge Mrs Audrey Patricia Campbell-Moffat adjourned the case until tomorrow (January 23) for the counsel of Ha to continue mitigation, while the counsel of Ma completed mitigation for his client. The defendants were granted cash bail.
The court heard that at the material time, Ma was a director of Deutsche Bank and also served as a warrant trader.
Between January 16, 2007 and May 7, 2008, Ma accepted bribes of about $6.4 million in total from Ha as rewards for giving information to Ha and his associates on derivative warrants issued by Deutsche Bank, which might assist them in their trading of those derivative warrants; or rendering assistance to them in their trading of those derivative warrants.
Ha offered the bribes of about $6.4 million in total to Ma for the same purpose during the same period.
The court heard that Ha and several members of his family had made a net profit of over $203 million through the trading of those derivative warrants issued by Deutsche Bank.
The management of Deutsche Bank strictly prohibited its staff members from accepting bribes for providing other persons with confidential information belonging to the bank. Ma was made aware of such a guideline concerning the acceptance of advantages while he was employed by the bank.
Deutsche Bank and the Securities and Futures Commission had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel John Reading SC, Gilbert Chong and Acting Senior Public Prosecutor Zena Yuen, assisted by ICAC officer Natasha Li.
Ma Sin-chi, 44, former director of Deutsche Bank Aktiengesellschaft (Deutsche Bank), pleaded guilty to one count of agent accepting an advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance (POBO).
Co-defendant Ha But-yee, 66, an investor, admitted one count of offering an advantage to an agent, contrary to Section 9(2)(a) of the POBO.
Judge Mrs Audrey Patricia Campbell-Moffat adjourned the case until tomorrow (January 23) for the counsel of Ha to continue mitigation, while the counsel of Ma completed mitigation for his client. The defendants were granted cash bail.
The court heard that at the material time, Ma was a director of Deutsche Bank and also served as a warrant trader.
Between January 16, 2007 and May 7, 2008, Ma accepted bribes of about $6.4 million in total from Ha as rewards for giving information to Ha and his associates on derivative warrants issued by Deutsche Bank, which might assist them in their trading of those derivative warrants; or rendering assistance to them in their trading of those derivative warrants.
Ha offered the bribes of about $6.4 million in total to Ma for the same purpose during the same period.
The court heard that Ha and several members of his family had made a net profit of over $203 million through the trading of those derivative warrants issued by Deutsche Bank.
The management of Deutsche Bank strictly prohibited its staff members from accepting bribes for providing other persons with confidential information belonging to the bank. Ma was made aware of such a guideline concerning the acceptance of advantages while he was employed by the bank.
Deutsche Bank and the Securities and Futures Commission had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel John Reading SC, Gilbert Chong and Acting Senior Public Prosecutor Zena Yuen, assisted by ICAC officer Natasha Li.