The Independent Commission Against Corruption today (November 19) filed a lawsuit against three individuals, including the then chairman and major shareholder of a listed company, accusing them of secretly "buying shells" when placing convertible notes to increase the share capital of the listed company. "The agreement conspired to defraud the Stock Exchange of Hong Kong Limited (Stock Exchange), the listed company, its board of directors and shareholders, and proceeds of the crime of 42 million yuan.
ICAC.
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The defendants are Zhan Peizhong, 75, who was then the major shareholder of Asia Resources Holdings Limited (Asia Resources); Zhan Jianlun, 52, who was the chairman of Asia Resources; and Wang Beili, 65, who was related to a businessman in the charge.
Zhan Peizhong and Zhan Jianlun were both charged with two counts of conspiracy to defraud, violating common law.
Wang Beili was charged with a violation of section 25(1) of the Organized and Serious Crimes Ordinance by dealing with property that is known or believed to represent the proceeds of an indictable crime.
The defendants were granted bail by the ICAC.
The three will appear in Sha Tin Magistrates' Courts this afternoon, pending the transfer of the case to the District Court for defense.