Former Hong Kong bourse official charged for accepting HK$9.15m in bribes

26 Mar, 2020 02:43
source: Singularity Financial

Singularity Financial Hong Kong March 29, 2020 – Author: Mark

A former Joint-head of the IPO Vetting Team of the Hong Kong Exchanges & Clearing Limited (HKEX) and an Initial Public Offering (IPO) consultant have been charged by The Independent Commission Against Corruption (ICAC) on March 25 for alleged bribery and misconduct in public office (MIPO) involving a total of $9.15 million in connection with the IPO applications of various listed companies.

Eugene Yeoh Kim-loong, 43, former Joint-head of the IPO Vetting Team of the Listing Department of the HKEX, faces two charges – one of public servant accepting an advantage, contrary to Section 4(2)(a) of the Prevention of Bribery Ordinance (POBO); and one of MIPO, contrary to Common Law.

Richard Lum Chor-wah, 60, IPO consultant, faces one count of offering an advantage to a public servant, contrary to Section 4(1)(a) of the POBO.

ICAC alleged in a statement that Eugene Yeoh accepted cash payments from a consultant as an inducement to view the IPO application -by thread manufacturer Shen You Holdings Limited in 2017- favourably.

Both defendants were brought to the West Kowloon Magistracy the same day for mention.

ICAC’s statement points out, the case arose from a corruption complaint referred by the Securities and Futures Commission (SFC). The SFC and the HKEX have rendered assistance to the ICAC during its investigation into the case.