Integrity Focus

A director of a shipping consultancy firm was charged by the ICAC today (December 18) for allegedly bribing a then senior executive of a financial company for engaging the director’s firm as the consultant of an iron ore shipping project which involved consultancy fees totalling over US$46.3 million. A director of another company, who allegedly handled part of the bribes, was also charged today for laundering crime proceeds of US$2.7 million.

Zhu Kai, 59, sole director of Millennia Resources Limited (Millennia), faces one count of conspiracy for an agent to accept advantage, contrary to Section 9(1)(a) of the Prevention of Bribery Ordinance and Section 159A of the Crimes Ordinance.

Shah Kabir Haresh, 43, director and sole shareholder of now defunct Global Era Limited (Global Era), faces one count of dealing with property known or reasonably believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance.

The duo were released on ICAC bail, pending their appearance at the Eastern Magistrates’ Courts tomorrow (December 19) for mention.

At the material time, Millennia was a shipping consultancy firm incorporated in Hong Kong. Its sole director Zhu started to negotiate with an iron ore mining company for an iron ore shipping project. ICBC Financial Leasing Company Limited (ICBC Financial Leasing) subsequently took up the project and assigned an executive director of its shipping finance department to be the project manager. Upon the suggestion of the project manager, ICBC Financial Leasing engaged a sibling company of Millennia, namely Millennia Resources Shipping Limited (Millennia Shipping), as the consultant of the project.

Zhu allegedly conspired with the project manager between April 2016 and April 2021 for the latter to accept US$8.5 million from Zhu, for engaging Millennia Shipping by ICBC Financial Leasing as a project consultant.

It is also alleged that between October 2017 and March 2021, Shah Kabir Haresh dealt with US$2.7 million, knowing or believing that it represented proceeds of an indictable offence.

ICAC enquiries revealed that Shah Kabir Haresh was acquainted with the project manager. He allegedly used the bank accounts of Global Era to receive part of the bribes for the project manager.

ICAC enquiries also revealed that between 2016 and early 2023, Millennia Shipping received consultancy fees totalling over US$46.3 million from ICBC Financial Leasing.

ICBC Financial Leasing has rendered full assistance to the ICAC during its investigation into the case.