The former vice-chairman of the stock exchange admitted yesterday she kept the lion's share of transfer commissions from companies seeking and selling floor seats even though others played crucial roles in the deals.
Chen Po-sum was first alerted by retired floor trader Wong Yee-wing that On Wah Securities wanted to unload an A-share stock exchange seat.
The seat was snapped up by the Japanese firm Nomura Securities (HK) for $7 million, the High Court heard.
'We met in the exchange hall and I gave Mr Wong a cheque for $150,000,' Chen said.
'The money was paid because he introduced the sale. It was his share of the commission.' Mr Wong was paid just over 2 per cent for his part in the 1994 deal, which came from the $800,000, or 11.4 per cent of the final selling price, that Chen allegedly received as her cut of the commission.
The Director of Public Prosecutions, Peter Nguyen, QC, asked: 'If it was a true commission, why not split it 50-50?' During her second day of testimony, Chen, 65, continued to deny allegations that the 'commissions' were bribes.