Gate News, April 14 — Hong Kong’s Independent Commission Against Corruption (ICAC) charged a middleman, Chan Chau-wan, 72, with allegedly offering HK$400,000 in bribes to two KPMG managers in 2010 to facilitate the IPO of fabric producer Honliv International. The ICAC received the case referral from the Securities and Futures Commission (SFC) in late March 2010; the defendant had left Hong Kong at the time and was arrested upon her recent return.
Chan faces two counts of offering advantages to agents under Section 9(2)(a) of the Prevention of Bribery Ordinance. She has been granted bail and will appear at the Eastern Magistrates’ Courts on April 15. According to the charges, Chan allegedly offered HK$300,000 and HK$100,000 in cash bribes to a KPMG senior manager and assistant manager, respectively, on February 20, 2010, as rewards for their audit services in connection with Honliv’s IPO. Honliv listed on the Hong Kong Stock Exchange’s main board in late December 2009 and was delisted in September 2013.
The KPMG assistant manager refused the bribe and reported the incident to the firm. KPMG conducted an internal investigation and reported the matter to the SFC, which subsequently referred the case to the ICAC.
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