is accused by the government of accepting bribes to hold Kwong Hing stock; his
court appearance is today. Hong Kong's Independent Commission Against Corruption (ICAC) has brought charges against Adrian Foo Tiang-hock, former portfolio manager at ING Investment Management, and Nicholas Tan Chye-seng, former executive director at UBS Securities, for fraud and bribery.
It has also charged Li Man-tak, executive director of publicly listed Kwong Hing International Holdings
(Bermuda) and Louis Lin Chak-pui, former director at SBI E2-Capital China Holdings
All four defendants have been released on bail and face a court appearance before Hong Kong's Eastern Magistracy this morning (Thursday) at 9.30am.They face five charges: three counts of conspiracy to offer advantages to an agent, one of accepting an advantage as an agent, and one of conspiracy to defraud.Foo
, Li and Lin are accused of conspiring together with another person to offer advantages to Foo
for him to cause ING
to purchase and hold Kwong Hing shares.Li and Lin are further charged with conspiring together and with one other person to offer advantages to Foo
to continue to hold Kwong Hing shares.
...Foo, who joined ING in 2000 as a regional equities manager, was suspended in March and subsequently left the firm, the spokesman says.UBS
suspended Tan in February after his
arrest with full pay, and on Monday, May 31, he
left the firm, says a spokesman.