Integrity Focus

A then deputy general manager of a listed company and his mother were charged by the ICAC yesterday (November 4) for allegedly conspiring with an Australian businessman to accept an investment opportunity from the latter for the then deputy general manager to show favour to the businessman in relation to the listed company’s investments in overseas property development projects.

Ng Wai, 45, then deputy general manager of Beijing Capital Land Limited (BCL); and his mother Han Shang-min, 74, jointly face one count of conspiracy for an agent to accept advantage, contrary to section 9(1)(b) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance. The duo were released on ICAC bail, pending their appearance at the Eastern Magistrates’ Courts tomorrow (November 6) for mention.

BCL was listed on the Hong Kong Exchanges and Clearing Limited from 2003 to 2021. At the material time, Ng was the deputy general manager of BCL, as well as the general manager of BCL’s branch in Australia.

Upon Ng’s recommendations, BCL made investments to various property development projects in Australia since 2014. Most of the projects were developed by companies associated with an Australian businessman.

The charge alleges that between June 2014 and November 2021, Ng and his mother, Han, accepted from the Australian businessman an advantage – an investment opportunity – for Ng to show favour to the Australian businessman and his associated companies in relation to the business of BCL.

The ICAC investigation arose from a corruption complaint. Enquiries revealed that Ng invested AUS$6 million in the investment opportunity offered to him and received a repayment of about AUS$8.9 million, making a profit of about AUS$2.9 million out of the investment. Meanwhile, Han allegedly participated in the corrupt dealings and dealt with the payments concerned.