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Mar 2026Three then bank employees charged by ICAC admit bribery over account openingTwo then bank employees, among five individuals charged by the ICAC, today (March 19) admitted at the Eastern Magistrates’ Courts that they had conspired together to accept bribes for assisting clients of the intermediaries to open bank accounts. Another the employee of the bank had earlier entered a guilty plea.Lo Wing-hang, 31, then insurance specialist of The Hongkong and Shanghai Banking Corporation Limited (HSBC); and Lo Cheuk-kim, 40, then premier relationship manager of HSBC, pleaded guilty to one count of conspiracy for an agent to accept an advantage, contrary to section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance.Co-defendant Wan Hui, 32, then premier business manager of HSBC, earlier pleaded guilty to one count of conspiracy for an agent to accept an advantage.Principal Magistrate Mr David Cheung Chi-wai adjourned the case for sentence, with the sentence of Lo Wing-hang and Wan adjourned to April 14, while Lo Cheuk-kim’s sentence adjourned to May 4. The trio were granted bail.Between November 2022 and February 2025, the three HSBC employees were posted to a branch in North Point. The court heard that Lo Wing-hang had reached an agreement with two intermediaries to assist clients referred by them to open bank accounts at HSBC, and to accept a bribe ranging from HK$500 to HK$1,500 for each successful application.Lo Wing-hang later engaged his colleague Lo Cheuk-kim to assist in opening accounts and paid the latter HK$100 for each successful application. During the period, the duo had accepted bribes totalling over HK$170,000 according to the agreement.Between October 2024 and February 2025, Wan had assisted 12 clients referred by the two intermediaries to open bank accounts and accepted bribes totalling RMB6,000.The court heard that the three bank employees had assisted a total of about 250 clients referred by the two intermediaries to open bank accounts. Seventy of these bank accounts, which were considered to have money laundering risk after being assessed by HSBC, were referred to the relevant law enforcement agency for follow up actions.The two insurance agents cum intermediaries concerned, Han Jie and his wife Zhou Yinying, faced two counts of conspiracy for an agent to accept an advantage and one count of offering an advantage to an agent. No plea was taken when they appeared at the court today. Their case was adjourned to May 4 for plea.HSBC rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by ICAC officer Nathan Choi.The ICAC has long attached great importance to the integrity of bank practitioners. With the full support of the Hong Kong Monetary Authority, the Hong Kong Association of Banks and the banking industry, the ICAC launched the Banking Industry Integrity Charter in 2024 to promote an integrity culture in the industry. The ICAC will continue to enhance its exchange with the industry under the framework of the Charter to heighten practitioners’ sensitivity to corruption risks, and provide continuous integrity training for bank practitioners. 17
Mar 2026Then chairman of listed company charged by ICAC guilty of $2.4m fraud by inflating tax in saloon purchaseA then chairman of a listed company, charged by the ICAC, was today (March 17) convicted at the District Court of deceiving the company into paying about $2.4 million by inflating the first registration tax of a saloon during the purchase.Bruce Lee Chun-pong, 42, former executive director cum chairman of PF Group Holdings Limited (PF Group), was found guilty after trial of one count of fraud, contrary to section 16A of the Theft Ordinance.Deputy Judge Mr Colin Wong Sze-cheung adjourned the case to April 8 for mitigation, pending for the defendant’s background report. The defendant was allowed bail.The ICAC investigation stemmed from a corruption complaint that revealed the offence. The court heard that at the material time, the defendant was purchasing a saloon for PF Group to promote its car loan business. In early 2021, the defendant made a false representation that the company was required to pay about $2.4 million as the first registration tax of the saloon. ICAC enquiries revealed that the relevant tax amount was inflated by over $800,000. Subsequently, a bank account held by the defendant’s wife received a payment in the sum of over $800,000 made by the relevant car dealer.PF Group has rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Wing Chan.The ICAC reminds senior executives of listed companies to comply with the law and uphold a high standard of integrity in order to safeguard the interests of various stakeholders. The ICAC will continue to assist listed companies in enhancing their corruption prevention capabilities and corporate governance. For more details, please visit the “Ethics Promotion Programme for Listed Companies” webpage. 12
Mar 2026Property vendors charged by ICAC for offering bribe to estate agent for waiving agency commissionTwo property vendors were charged by the ICAC yesterday (March 11) for allegedly offering $30,000 in bribe to an estate agent for waiving $155,000 in an agency commission in relation to the sale of a residential property.Leung Kee-ming, 48, and Tse Wai-ling, 34, jointly face one count of offering an advantage to an agent, contrary to section 9(2)(a) of the Prevention of Bribery Ordinance (POBO). The duo were released on ICAC bail, pending their appearance for plea at the West Kowloon Magistrates’ Courts tomorrow (March 13).At the material time, Leung had engaged Centaline Property Agency Limited (Centaline Property) to sell a residential flat on Lantau Island. According to the estate agency agreement he signed with Centaline Property, he agreed to pay one per cent of the property transaction sum as agency commission to Centaline Property upon successful transaction.After subsequently securing a potential buyer for the flat, an estate agent of Centaline Property informed the defendants that an offer of $15.5 million was made. Pursuant to the abovementioned signed estate agency agreement, Leung was required to pay an agency commission of $155,000 to Centaline Property after successful transaction.The estate agent subsequently arranged both Leung and the buyer to sign a preliminary sale and purchase agreement (the preliminary agreement) on December 24, 2023.The charge alleges that on December 23, 2023, one day before the preliminary agreement was scheduled to be signed, the defendants offered a bribe of $30,000 to the estate agent for waiving the agency commission that would be charged by Centaline Property for property transaction.The estate agent rejected the bribe and reported the matter to Centaline Property on the same day. Centaline Property rendered full assistance to the ICAC during its investigation into the case.According to Section 9 of the POBO, it is a bribery offence for a person who, without lawful authority or reasonable excuse, offers an advantage (including money, gifts, loans, commissions, positions, contracts, services, favours, etc.) to an agent (including employees of private organisations) to influence the agent in exercising one’s duties. Members of the public should report suspected corruption to the ICAC without delay. 12
Mar 2026Joint press release: ICAC and SFC joint operation in alleged insider dealings and corruption involving senior executives of licensed corporationsThe Independent Commission Against Corruption (ICAC) and the Securities and Futures Commission (SFC) conducted a joint operation codenamed “Fuse” on March 10 and 11 targeting insider dealing and involving corruption. Senior executives of three licensed corporations, including two securities firms and a hedge fund management firm, were persons of interest in the case (Note 1).During the joint operation, officers of the ICAC and the SFC searched a total of 14 locations, including the offices of the licenced corporations, as well as residences of the arrestees. The ICAC also arrested six men and two women, aged between 35 and 60. The arrestees included, among others, senior executives of the two licenced securities firms and the licensed hedge fund management firm, as well as a middleman (Note 2).It is suspected that senior executives of the licenced securities firms had accepted bribes over $4 million from the owner of the licensed hedge fund management firm for disclosing confidential information regarding share placements of various Hong Kong - listed companies before such information was publicly announced.Armed with such confidential information, the licensed hedge fund management firm established short positions for its hedge fund in the relevant stocks by short selling the stocks in the market and/or entering into short equity swap contracts. When the share placements were publicly announced, the share prices of the concerned stocks declined, and the hedge fund allegedly made profits of around $315 million from its short positions.The joint operation stemmed from the SFC’s initial investigation of the suspected insider dealing activities, which uncovered potential corruption. The case was subsequently referred to the ICAC for investigation into suspected corruption, while the SFC focused on insider dealing and other misconduct under the Securities and Futures Ordinance.As the investigation is ongoing, no further comments will be made by the ICAC and the SFC.Notes:1. The joint operation was conducted under the arrangement of the Memorandum of Understanding signed between the ICAC and the SFC.2. The individuals involved are suspected of breaching the provisions under the Prevention of Bribery Ordinance, including offering advantages to agents and agents accepting advantages (i.e., offering and acceptance of bribes). Additionally, they are also suspected of committing offences under the Organized and Serious Crimes Ordinance, specifically handling property known or believed to represent proceeds of indictable offences (commonly known as “money-laundering”), offences under the Securities and Futures Ordinance involving insider dealings and other relevant crimes and misconducts. 11
Mar 2026Shuttle bus company operations assistant charged by ICAC for soliciting and accepting $40,000 bribes over driver employmentAn operations assistant of a shuttle bus company was charged by the ICAC yesterday (March 10) for allegedly soliciting and accepting bribes totalling over $40,000 over the employment of a driver.Chow King-lung, 45, operations assistant of a subsidiary of Great Leader Bus Holdings Limited (Great Leader Bus), faces five counts of agent accepting an advantage and one count of agent soliciting an advantage, contrary to section 9(1)(a) of the Prevention of Bribery Ordinance.The defendant was released on ICAC bail, pending his appearance for plea at the Tuen Mun Magistrates’ Courts tomorrow (March 12).At the material time, the defendant was responsible for employing drivers and managing the operation of transportation services for Great Leader Bus and its subsidiaries, including a shuttle bus route for providing transportation services to government staff.In the five consecutive months between September 2024 and January 2025, the defendant had allegedly accepted bribes totalling over $32,000 from a driver for employing her as driver for the abovementioned route.It is also alleged that in February 2025, the defendant had further solicited a bribe of over $8,400 from the driver, who did not accede to the defendant’s solicitation this time.The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant had allegedly solicited from the driver a monthly bribe ranging from about $3,400 to about $7,500. The driver would not be employed as a driver of the route if she had not paid bribes.Great Leader Bus rendered full assistance to the ICAC during its investigation into the case.
Mar 2026Three then bank employees charged by ICAC admit bribery over account openingTwo then bank employees, among five individuals charged by the ICAC, today (March 19) admitted at the Eastern Magistrates’ Courts that they had conspired together to accept bribes for assisting clients of the intermediaries to open bank accounts. Another the employee of the bank had earlier entered a guilty plea.Lo Wing-hang, 31, then insurance specialist of The Hongkong and Shanghai Banking Corporation Limited (HSBC); and Lo Cheuk-kim, 40, then premier relationship manager of HSBC, pleaded guilty to one count of conspiracy for an agent to accept an advantage, contrary to section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance.Co-defendant Wan Hui, 32, then premier business manager of HSBC, earlier pleaded guilty to one count of conspiracy for an agent to accept an advantage.Principal Magistrate Mr David Cheung Chi-wai adjourned the case for sentence, with the sentence of Lo Wing-hang and Wan adjourned to April 14, while Lo Cheuk-kim’s sentence adjourned to May 4. The trio were granted bail.Between November 2022 and February 2025, the three HSBC employees were posted to a branch in North Point. The court heard that Lo Wing-hang had reached an agreement with two intermediaries to assist clients referred by them to open bank accounts at HSBC, and to accept a bribe ranging from HK$500 to HK$1,500 for each successful application.Lo Wing-hang later engaged his colleague Lo Cheuk-kim to assist in opening accounts and paid the latter HK$100 for each successful application. During the period, the duo had accepted bribes totalling over HK$170,000 according to the agreement.Between October 2024 and February 2025, Wan had assisted 12 clients referred by the two intermediaries to open bank accounts and accepted bribes totalling RMB6,000.The court heard that the three bank employees had assisted a total of about 250 clients referred by the two intermediaries to open bank accounts. Seventy of these bank accounts, which were considered to have money laundering risk after being assessed by HSBC, were referred to the relevant law enforcement agency for follow up actions.The two insurance agents cum intermediaries concerned, Han Jie and his wife Zhou Yinying, faced two counts of conspiracy for an agent to accept an advantage and one count of offering an advantage to an agent. No plea was taken when they appeared at the court today. Their case was adjourned to May 4 for plea.HSBC rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by ICAC officer Nathan Choi.The ICAC has long attached great importance to the integrity of bank practitioners. With the full support of the Hong Kong Monetary Authority, the Hong Kong Association of Banks and the banking industry, the ICAC launched the Banking Industry Integrity Charter in 2024 to promote an integrity culture in the industry. The ICAC will continue to enhance its exchange with the industry under the framework of the Charter to heighten practitioners’ sensitivity to corruption risks, and provide continuous integrity training for bank practitioners. 17
Mar 2026Then chairman of listed company charged by ICAC guilty of $2.4m fraud by inflating tax in saloon purchaseA then chairman of a listed company, charged by the ICAC, was today (March 17) convicted at the District Court of deceiving the company into paying about $2.4 million by inflating the first registration tax of a saloon during the purchase.Bruce Lee Chun-pong, 42, former executive director cum chairman of PF Group Holdings Limited (PF Group), was found guilty after trial of one count of fraud, contrary to section 16A of the Theft Ordinance.Deputy Judge Mr Colin Wong Sze-cheung adjourned the case to April 8 for mitigation, pending for the defendant’s background report. The defendant was allowed bail.The ICAC investigation stemmed from a corruption complaint that revealed the offence. The court heard that at the material time, the defendant was purchasing a saloon for PF Group to promote its car loan business. In early 2021, the defendant made a false representation that the company was required to pay about $2.4 million as the first registration tax of the saloon. ICAC enquiries revealed that the relevant tax amount was inflated by over $800,000. Subsequently, a bank account held by the defendant’s wife received a payment in the sum of over $800,000 made by the relevant car dealer.PF Group has rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Wing Chan.The ICAC reminds senior executives of listed companies to comply with the law and uphold a high standard of integrity in order to safeguard the interests of various stakeholders. The ICAC will continue to assist listed companies in enhancing their corruption prevention capabilities and corporate governance. For more details, please visit the “Ethics Promotion Programme for Listed Companies” webpage. 12
Mar 2026Property vendors charged by ICAC for offering bribe to estate agent for waiving agency commissionTwo property vendors were charged by the ICAC yesterday (March 11) for allegedly offering $30,000 in bribe to an estate agent for waiving $155,000 in an agency commission in relation to the sale of a residential property.Leung Kee-ming, 48, and Tse Wai-ling, 34, jointly face one count of offering an advantage to an agent, contrary to section 9(2)(a) of the Prevention of Bribery Ordinance (POBO). The duo were released on ICAC bail, pending their appearance for plea at the West Kowloon Magistrates’ Courts tomorrow (March 13).At the material time, Leung had engaged Centaline Property Agency Limited (Centaline Property) to sell a residential flat on Lantau Island. According to the estate agency agreement he signed with Centaline Property, he agreed to pay one per cent of the property transaction sum as agency commission to Centaline Property upon successful transaction.After subsequently securing a potential buyer for the flat, an estate agent of Centaline Property informed the defendants that an offer of $15.5 million was made. Pursuant to the abovementioned signed estate agency agreement, Leung was required to pay an agency commission of $155,000 to Centaline Property after successful transaction.The estate agent subsequently arranged both Leung and the buyer to sign a preliminary sale and purchase agreement (the preliminary agreement) on December 24, 2023.The charge alleges that on December 23, 2023, one day before the preliminary agreement was scheduled to be signed, the defendants offered a bribe of $30,000 to the estate agent for waiving the agency commission that would be charged by Centaline Property for property transaction.The estate agent rejected the bribe and reported the matter to Centaline Property on the same day. Centaline Property rendered full assistance to the ICAC during its investigation into the case.According to Section 9 of the POBO, it is a bribery offence for a person who, without lawful authority or reasonable excuse, offers an advantage (including money, gifts, loans, commissions, positions, contracts, services, favours, etc.) to an agent (including employees of private organisations) to influence the agent in exercising one’s duties. Members of the public should report suspected corruption to the ICAC without delay. 12
Mar 2026Joint press release: ICAC and SFC joint operation in alleged insider dealings and corruption involving senior executives of licensed corporationsThe Independent Commission Against Corruption (ICAC) and the Securities and Futures Commission (SFC) conducted a joint operation codenamed “Fuse” on March 10 and 11 targeting insider dealing and involving corruption. Senior executives of three licensed corporations, including two securities firms and a hedge fund management firm, were persons of interest in the case (Note 1).During the joint operation, officers of the ICAC and the SFC searched a total of 14 locations, including the offices of the licenced corporations, as well as residences of the arrestees. The ICAC also arrested six men and two women, aged between 35 and 60. The arrestees included, among others, senior executives of the two licenced securities firms and the licensed hedge fund management firm, as well as a middleman (Note 2).It is suspected that senior executives of the licenced securities firms had accepted bribes over $4 million from the owner of the licensed hedge fund management firm for disclosing confidential information regarding share placements of various Hong Kong - listed companies before such information was publicly announced.Armed with such confidential information, the licensed hedge fund management firm established short positions for its hedge fund in the relevant stocks by short selling the stocks in the market and/or entering into short equity swap contracts. When the share placements were publicly announced, the share prices of the concerned stocks declined, and the hedge fund allegedly made profits of around $315 million from its short positions.The joint operation stemmed from the SFC’s initial investigation of the suspected insider dealing activities, which uncovered potential corruption. The case was subsequently referred to the ICAC for investigation into suspected corruption, while the SFC focused on insider dealing and other misconduct under the Securities and Futures Ordinance.As the investigation is ongoing, no further comments will be made by the ICAC and the SFC.Notes:1. The joint operation was conducted under the arrangement of the Memorandum of Understanding signed between the ICAC and the SFC.2. The individuals involved are suspected of breaching the provisions under the Prevention of Bribery Ordinance, including offering advantages to agents and agents accepting advantages (i.e., offering and acceptance of bribes). Additionally, they are also suspected of committing offences under the Organized and Serious Crimes Ordinance, specifically handling property known or believed to represent proceeds of indictable offences (commonly known as “money-laundering”), offences under the Securities and Futures Ordinance involving insider dealings and other relevant crimes and misconducts. 11
Mar 2026Shuttle bus company operations assistant charged by ICAC for soliciting and accepting $40,000 bribes over driver employmentAn operations assistant of a shuttle bus company was charged by the ICAC yesterday (March 10) for allegedly soliciting and accepting bribes totalling over $40,000 over the employment of a driver.Chow King-lung, 45, operations assistant of a subsidiary of Great Leader Bus Holdings Limited (Great Leader Bus), faces five counts of agent accepting an advantage and one count of agent soliciting an advantage, contrary to section 9(1)(a) of the Prevention of Bribery Ordinance.The defendant was released on ICAC bail, pending his appearance for plea at the Tuen Mun Magistrates’ Courts tomorrow (March 12).At the material time, the defendant was responsible for employing drivers and managing the operation of transportation services for Great Leader Bus and its subsidiaries, including a shuttle bus route for providing transportation services to government staff.In the five consecutive months between September 2024 and January 2025, the defendant had allegedly accepted bribes totalling over $32,000 from a driver for employing her as driver for the abovementioned route.It is also alleged that in February 2025, the defendant had further solicited a bribe of over $8,400 from the driver, who did not accede to the defendant’s solicitation this time.The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant had allegedly solicited from the driver a monthly bribe ranging from about $3,400 to about $7,500. The driver would not be employed as a driver of the route if she had not paid bribes.Great Leader Bus rendered full assistance to the ICAC during its investigation into the case.