Integrity Focus

The ICAC had earlier charged two former bank managers for allegedly conspiring with an employee of a fintech company to use various false standby letters of credit (L/Cs) and collateral letters. Pursuant to the further legal advice of the Department of Justice upon completion of investigation by the ICAC, an additional bribery charge was laid against one of the duo while the indictment in relation to the two counts of conspiracy to use false instruments were amended when the case was brought to the Eastern Magistrates’ Courts for mention today (June 5). The additional charge alleged that the defendant had accepted cryptocurrency worth over US$470,000 from the fintech company employee, a middleman and others for authenticating false instruments. The case will be transferred to the District Court.

Lam Chun-yin, 30, former relationship manager of China Construction Bank (Asia) Corporation Limited (CCB (Asia)), was charged with an additional count of conspiracy for an agent to accept advantages, contrary to section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance.

Besides, Lam and Lee Ka-man, 34, former senior relationship manager of Standard Chartered Bank (Hong Kong) Limited (Standard Chartered HK), each faced one count of conspiracy to use false instruments, contrary to sections 73 and 159A of the Crimes Ordinance.

No plea was taken today. Magistrate Madam Frances Leung adjourned the case to 21 August 2025 for mention. The prosecution will apply for transferring the case to the District Court for plea. The defendants were granted bail.

The ICAC investigation stemmed from a corruption complaint and revealed the alleged offences which took place between April 2022 and July 2023. At the material time, Vesttoo Limited (Vesttoo) was an overseas fintech company operating a digital platform to facilitate insurance-linked securities transactions. Investors were required to provide standby L/Cs issued by banks or collateral letters endorsed by banks as a guarantee of payments.

The bribery charge alleged that Lam had accepted bribes, namely Tether, a cryptocurrency, worth totalling over US$470,000, from an employee of Vesttoo Udi Ginati, a middleman Wan Cheuk-lun and others for authenticating standby L/Cs and collateral letters which were purportedly issued or endorsed by China Construction Bank Corporation (CCB). CCB had, in fact, never issued or endorsed those documents.

The amended charges of conspiracy to use false instruments alleged that Lam had conspired together with the said Vesttoo employee, middleman and others to use 88 false standby L/Cs and two false collateral letters purportedly issued or endorsed by CCB, with the intention of inducing others to accept them as genuine. It was alleged that Lee had conspired together with others to use four false standby L/Cs purportedly issued by Standard Chartered HK with intent to induce others to accept them as genuine.

CCB (Asia) and Standard Chartered HK rendered full assistance to the ICAC during its investigation into the case.

The prosecution was today represented by Acting Senior Public Prosecutor Douglas Lau, assisted by ICAC officer Ken Wong.