Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Oct 28, 2021

Hong Kong’s securities watchdog and ICAC arrest five people for alleged corruption

Hong Kong’s securities watchdog and ICAC arrest five people for alleged corruption

ICAC said in a statement that the people arrested have been accused of accepting advantages in exchange for granting and renewing loans.
Hong Kong’s securities regulator in a joint operation with the Independent Commission Against Corruption (ICAC), has arrested five individuals from a listed company for alleged corruption under the Prevention of Bribery Ordinance, it announced on Friday.

Among the arrested is a current executive director and a former executive director of the listed company. The Securities and Futures Commission (SFC) and ICAC have yet to disclose the company’s name, but a source familiar with the matter who did not want to be identified as they are not authorised to speak with the media, said it was Sunway International Holdings.

ICAC said in a statement that the people arrested have been accused of accepting advantages in exchange for granting and renewing loans. “The investigation revealed that some of the borrowers were controlled by senior executives of the listed company or their associates, and repayments were defaulted on and largely unrecoverable by the listed company,” according to the ICAC statement.

Sunway International Holdings Limited is an investment holding company that mainly engages in the manufacture and trading of construction materials in Hong Kong. Sunway International Holdings was suspended from trading in Hong Kong at 1pm on Thursday, pending the release of a company statement.

Sunway did not respond immediately to a request for comment.

“The SFC and the ICAC will continue to work closely to tackle the misconduct of listed companies including suspicious loan transactions and directors’ misconduct, to protect the investing public and maintain the integrity of Hong Kong’s financial markets,” the SFC said in its statement.

Joint investigations by the SFC and ICAC were boosted in 2019 when a memorandum of understanding was signed by both agencies to engage in closer cooperation to combat financial crimes.
Newsletter

Related Articles

Hong Kong News
×