The Hong Kong Stock Exchange provides guidelines rather than laws on possible conflicts of interest by members of its seat selection committee, the High Court heard yesterday during the bribery trial of former vice-chairman Chen Po-sum.
Exchange company secretary Tsang Chiu-wan told the jury the selection and transfer of A-share seats was not an area covered by hard and fast rules with strict penalties.
He was being questioned over eight bribery charges faced by Ms Chen relating to $1.6 million she allegedly solicited and accepted for the transfer of A-share stock exchange seats in 1993 and 1994.
Chen, 65, denies the allegations.
'These are only guidelines,' defence barrister Kevin Egan said.
'They don't have the same effect as rules of law.' Mr Tsang agreed the guidelines were 'really expressed in vague and general terms'.