The Independent Commission Against Corruption (ICAC) today (30th) charged a former FWD insurance agent for allegedly defrauding the insurance company of more than 250,000 yuan in commissions and bonuses by falsely claiming that two customers were insured.
The accused has been granted ICAC bail pending his plea in Eastern Magistrates' Courts this Thursday (1st).
Lee Ka Yiu, 36, former insurance agent of FWD Life Insurance (Bermuda) Limited (FWD), has been charged with two counts of fraud, contrary to Section 16A of the Theft Ordinance.
The accused has been granted ICAC bail pending his plea in Eastern Magistrates' Courts this Thursday (1st).
The defendant was FWD's insurance agent at the time of the crime.
If he sells insurance products, he will be paid a commission for the first year.
If he achieves the sales target, he can also receive various bonuses.
The two charges allege that between July and August 2019, the defendant falsely represented to FWD that two customers had applied for two insurance policies and had paid the relevant first-year premiums, and with intent to defraud, induced FWD to underwrite and issue insurance the two insurance policies.
The ICAC investigation found that FWD paid the defendant two first-year commissions totaling about $158,000 for the two policies.
As the defendant achieved the sales target, FWD also issued a year-end bonus of about RMB 97,000.
After receiving a corruption complaint earlier, the ICAC launched an investigation. After completing the investigation, it sought legal advice from the Department of Justice, and charged the defendant in accordance with the relevant legal advice.
FWD provided full assistance during the ICAC investigation.
The ICAC sued the Water Supplies Department's mechanic who failed to pay back the money and owed more than 25,000 to the former colleague. Four crimes were involved. The ICAC sued the AA senior management and the subcontractor for 3.8 million yuan in corruption in the airport three-run contract. The ICAC arrested 30 people for the airport three-run Projects of corruption include the AA’s short-term employment of the general manager, the ICAC indicting four people for falsely declaring their occupations and salary fraud Wing Hang Finance’s $13 million mortgage loan. The ICAC indicting the former partner of the manufacturer and the American insurance broker for inflating insurance premiums by more than $170,000