Duo charged with HK$1m bribery over remittance referrals
2019-12-17
A former bank manager and a money exchange company director have been charged by the ICAC today (December 17) with conspiracy to accept illegal commissions of over HK$1 million for referring clients of the bank to the money exchange company for remitting over Renminbi 83 million.
Sally Cheung Ling-chu, 45, former branch manager of China CITIC Bank International Limited (CNCBI), and Pong Chui-kwai, 57, director cum general manager of King Chi Trading Company (KCTC), face a joint charge 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 defendants will appear at the Eastern Magistracy on Thursday (December 19) for the case to be transferred to the District Court for plea.
At the material time, Cheung was the branch manager of Leighton Road branch of CNCBI, which offered remittance services to its client at a service charge. Pong was the director cum general manager of KCTC, which engaged in money exchange and remittance services in the trade name of King Chi Money Exchange.
Under the Foreign Exchange Control mechanism in the Mainland, an individual can remit no more than US$50,000 (or equivalent) per year through the banking system from the Mainland to Hong Kong.
The charge alleges that between April 7 and September 2, 2016, Cheung and Pong conspired together for Cheung to accept commissions consisting of sums of money, without lawful authority or reasonable excuse, as an inducement to or reward for referring clients of CNCBI to KCTC for remitting money from the Mainland to bank accounts designated by them in Hong Kong.
It is alleged that the illegal commissions for referring six corporate or individual clients of CNCBI to KCTC for remitting over Renminbi 83 million on multiple occasions amounted to over HK $1 million.
CNCBI has rendered full assistance to the ICAC during its investigation into the case.
The defendants have been released on ICAC bail, pending their court appearance on Thursday.
Sally Cheung Ling-chu, 45, former branch manager of China CITIC Bank International Limited (CNCBI), and Pong Chui-kwai, 57, director cum general manager of King Chi Trading Company (KCTC), face a joint charge 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 defendants will appear at the Eastern Magistracy on Thursday (December 19) for the case to be transferred to the District Court for plea.
At the material time, Cheung was the branch manager of Leighton Road branch of CNCBI, which offered remittance services to its client at a service charge. Pong was the director cum general manager of KCTC, which engaged in money exchange and remittance services in the trade name of King Chi Money Exchange.
Under the Foreign Exchange Control mechanism in the Mainland, an individual can remit no more than US$50,000 (or equivalent) per year through the banking system from the Mainland to Hong Kong.
The charge alleges that between April 7 and September 2, 2016, Cheung and Pong conspired together for Cheung to accept commissions consisting of sums of money, without lawful authority or reasonable excuse, as an inducement to or reward for referring clients of CNCBI to KCTC for remitting money from the Mainland to bank accounts designated by them in Hong Kong.
It is alleged that the illegal commissions for referring six corporate or individual clients of CNCBI to KCTC for remitting over Renminbi 83 million on multiple occasions amounted to over HK $1 million.
CNCBI has rendered full assistance to the ICAC during its investigation into the case.
The defendants have been released on ICAC bail, pending their court appearance on Thursday.