A former vice-chairman of the stock exchange was likened to a traffic policeman who slipped extra cash into his pocket when she accepted $1.6 million in 'gifts', the High Court heard yesterday.
Chen Po-sum, 65, is facing eight bribery charges in connection with $1.6 million she allegedly solicited and accepted in relation to the transfer of A-share stock exchange seats in 1993 and 1994.
She denies the allegations.
Director of Public Prosecutions Peter Nguyen said the practice of 'commissions' or 'fees' for introducing a prospective buyer to a member who was trying to unload a 'seat' was not uncommon.
It is alleged Chen received $800,000 for supporting a 1994 bid by the Japanese securities giant, Nomura Securities (Hong Kong), to buy a seat on the exchange from On Wah United Securities Co.
It is also claimed she accepted another $800,000 for the transfer of three A shares from Shing On Securities to Emperor Securities.