ICAC and the Securities and Futures Commission (SFC) yesterday (August 12) jointly mounted an operation codenamed “Jade Qilin”. During the operation, the ICAC arrested five persons, including an incumbent executive director and a former executive director of a listed company.
The five arrestees have allegedly conspired with others to accept advantages for granting substantial amounts of loans to a number of companies and renewing the loans. Investigation revealed that some of the borrowers were controlled by senior executives of the listed company or their associates, and the repayments were defaulted and largely unrecoverable by the listed company.
During the joint operation, the two organisations searched a number of premises, including the office of the listed company, and a number of persons were also interviewed by the ICAC.
While enquiries are continuing, it is not appropriate for the ICAC to make further comments.
The ICAC will continue to collaborate with relevant regulatory bodies, including the SFC, to combat corrupt and illicit activities involving companies listed in Hong Kong.
The ICAC has all along strived to foster an ethical culture within the business community, and assist listed companies to enhance their corporate governance and directors’ ethics and encourage their management to properly fulfil directors’ duties so as to lower the risk of corruption in their businesses. The Commission also provides anti-corruption guidance, covering bribery risk management and internal control measures, to assist listed companies in complying with principles of good corporate governance.