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Former senior executives of the Hong Kong Stock Exchange involved 9.15 million officials claiming that they did not fully prove that their decision was affected by interests and was convicted

2021-12-03T12:27:42.345Z


Yang Jinlong, the former head of the IPO review team of the Hong Kong Stock Exchange, was accused of concealing his wife’s account and receiving a listing consultant of 9.15 million yuan during his tenure. With the assistance of the listing consultant, he obtained the membership of the Jockey Club and approved the consultant.


Yang Jinlong, the former head of the IPO review team of the Hong Kong Stock Exchange, was accused of concealing his wife’s account and receiving a listing consultant of 9.15 million yuan during his tenure. With the assistance of the listing consultant, he obtained the membership of the Jockey Club and approved the consultant. In the 12 listing applications that he participated in, he and the listing consultant were both charged with corruption-related crimes. This case, which originally belonged to the District Court, used the court of Tsuen Wan Court to make a ruling today (3rd). Judge Lin Jiaxin believed that the prosecution had no evidence. It was sufficient to prove that Yang Yin received benefits, which affected his decision to approve the listing application involved in the case, so the two defendants were ruled not guilty.


The first defendant, Yang Jinlong (43 years old), was a co-head of the IPO review team of the Hong Kong Exchanges and Clearing Co., Ltd. (HKEx) at the time of the case; the second defendant, Lin Chuhua (60 years old), was an IPO consultant who intended to Companies that file IPO applications provide assistance.

The two were also charged with conspiracy to provide benefits to public officials. Yang was also charged with misconduct by public officials, and Lin Ze was charged with alternate charges of providing benefits to public officials.

Club membership and 9.15 million yuan

Yang Jilin alleged that from April 30, 2015 to May 24, 2019, Lin supported Yang’s application for membership of the Hong Kong Jockey Club as a member of the Hong Kong Jockey Club, and provided Yang with a gift or remuneration of 9.15 million yuan in exchange for preferential treatment to Lin’s involvement. Application for IPO.

Yang was also charged with a crime of "public official misconduct," alleging that he concealed the above benefits received by the Hong Kong Stock Exchange during the same period, but reviewed a number of IPO applications in which Lin Chuhua had participated, and failed to declare his wife Hao Yuanyuan’s conflict of interest related to the collection of funds, etc. .

Lin Yu was charged with another alternate charge of "providing benefits to public officials", which accused him of providing the same benefits as mentioned above with Yang during the same period.

There is no evidence that Yang Zhilin was involved in the 12 applications

The judge said in the ruling that the two defendants had known each other for many years and had close personal relationships, but there was no evidence in the case that Yang had any channel to know that Lin had participated in the 12 IPO applications involved in the case, and that Yang had worked in the financial sector for many years before joining the Hong Kong Stock Exchange. Therefore, he will know many experts more or less, and he believes that he cannot make inferences based on the friendship between Yang and Lin alone.

As for the membership of the Jockey Club, "there is a price in the market." Lin assisting Yang to obtain the membership is a simple matter of "hitchhiking" and does not believe that it constitutes an interest under the law.

I think that the theory of buying funds in sandwiches is not completely unfounded

As for Lin Zeng's deposit of 9.15 million Hong Kong dollars into Yang's wife, Hao Yuanyuan, and Yang and his wife's accounts, Hao Yuanyuan explained during the interrogation that she had invested in private equity funds on her behalf.

The judge believed that this action was unusual on the surface, but records showed that Hao did purchase a private equity fund afterwards. If the money was a bribe, he could buy stocks or invest in real estate to get faster and higher returns.

Furthermore, as a worker in the financial industry, the judge did not believe that Lin would blatantly deposit the money into Yang's account. Therefore, he believed that it was not impossible for the two defendants to "snap shares" to buy the fund. Therefore, they ruled that they faced all the charges. invalid.

After the defendant was acquitted, he applied for charges, but the prosecution opposed it and thought they were suspicious.

The judge finally adjourned the ruling on the costs.

Case Number: DCCC 743/2020

The senior executives of the Listing Department of the Hong Kong Stock Exchange were recommended by consultants to join the Jockey Club and received 9.5 million undeclared interests. Former supervisors and consultants of the Hong Kong Stock Exchange were prosecuted by the ICAC for their corruption-related interests of 2 million. Conspiracy to defraud prisoners for 5 to 7 months

01News

Source: hk1

All news articles on 2021-12-03

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