HONG KONG, March 25 (Reuters) - Hong Kong's anti-corruption unit stated on Wednesday it had charged
HONG KONG, March 25 (Reuters) – Hong Kong’s anti-corruption unit stated on Wednesday it had charged a former bourse official with bribery and misconduct concerning an IPO utility by thread producer Shen You Holdings Restricted 8377.HK in 2017.
The Impartial Fee In opposition to Corruption (ICAC) alleged in a press release that Eugene Yeoh accepted money funds from a advisor as an inducement to view the IPO utility favourably.
On the time, Yeoh was joint-head of the IPO vetting crew at Hong Kong Exchanges and Clearing 0388.HK, accountable ensuring purposes have been compliant with itemizing guidelines and endorsing suggestions to the bourse’s itemizing committees which have the ultimate say. Yeoh left the bourse in Could 2019.
Yeoh didn’t instantly reply to a LinkedIn message searching for remark and speak to info for his lawyer couldn’t be instantly obtained. A spokesman for the bourse stated it “has cooperated totally with the ICAC within the conduct of its investigation of a former worker and can proceed to take action.” He didn’t title the previous worker.
Shen You Holdings, which has a market worth of about $5.2 million, didn’t instantly reply to an electronic mail searching for remark. A telephone quantity for the corporate couldn’t instantly be discovered.
ICAC alleges in its assertion Yeoh hid or didn’t disclose the switch of a complete sum of HK $9.15 million to his spouse from IPO advisor Richard Lum. The assertion stated two funds of HK$2 million have been associated to Shen You’s IPO.
Lum, who was charged with providing a bonus to a public servant, couldn’t be instantly reached for remark. Contact info for his lawyer might additionally not be instantly obtained.
The anti-corruption unit stated in June it had searched the places of work of two corporations that sponsor, or lead, IPOs and two listed firms, and had made three arrests.
At the moment Hong Kong’s Securities and Futures Fee stated it was reviewing the style wherein the trade handled itemizing.
(Reporting by Alun John; Extra reporting by Donny Kwok; Modifying by Edwina Gibbs)
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