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Xinwei International suspends trading on Thursday, ICAC and SFC arrested 5 people in a joint operation to search the office

2021-08-13T09:51:39.317Z


The Independent Commission Against Corruption issued a statement today (13th) stating that it launched a joint operation with the Securities and Futures Commission yesterday (12th) code-named "Jade Kirin". The ICAC arrested 5 people in the operation, including one


The Independent Commission Against Corruption issued a statement today (13th) stating that it launched a joint operation with the Securities and Futures Commission yesterday (12th) code-named "Jade Kirin".

During the operation, the ICAC arrested 5 people, including a current and a former executive director of a listed company, alleging that they were suspected of conspiring to accept benefits, causing the listed company to grant multiple large loans to several companies. Part of the borrowing company is controlled by the senior staff of the listed company or related parties, and the repayment period is extended.

It is understood that the listed company is Sunway International Holdings (00058.HK).


The Independent Commission Against Corruption issued a statement today (13th) stating that it launched a joint operation with the Securities and Futures Commission yesterday (12th) code-named "Jade Kirin".

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The ICAC stated that the five arrested persons were suspected of conspiring to accept benefits from others, causing the listed company to grant large loans to several companies and to extend the relevant repayment period.

The investigation found that some of the borrowers were controlled by senior staff of the listed company or related parties and defaulted on repayment, making the listed company unable to recover most of the loans.

The ICAC and the Securities Regulatory Commission searched multiple places in a joint operation, including the office of the listed company.

The ICAC also received many people during the operation.

As the investigation is still ongoing, the ICAC should not make further comments.

The ICAC will continue to work closely with relevant regulatory agencies such as the Securities and Futures Commission to jointly combat corruption and illegal activities involving companies listed in Hong Kong.

The ICAC stated that it has been committed to promoting an honest business culture to the business community, assisting listed companies in improving corporate governance and director integrity, encouraging the management of listed companies to properly fulfill their responsibilities as directors, and reducing the risk of business corruption.

In addition, the ICAC will also provide listed companies with anti-corruption guidelines covering corruption risk management and internal control measures to help them abide by the principles of good corporate governance.

The former police chief was sued by the ICAC for claiming more than 210,000 yuan in loans from his subordinates within a year and only repaying 49,000 yuan, Li Mouren, director of the ICAC Control Maorong Industrial, for fraud, the Bank of China approved US$5.5 million in the Hong Kong Stock Exchange's listing department for high-level corruption consultants Recommending to join the Jockey Club and accepting 9.5 million undeclared interests. The former manager of the property management company involved in the recovery of the commission and the contractor’s convicted prisoner for half a year. Appeals such as quasi bail

01News

Source: hk1

All news articles on 2021-08-13

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