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SCMP Reporter

Former stock exchange vice-chairman Chen Po-sum said she did Emperor Securities chairman Albert Yeung a 'big, big favour' by charging him only a $600,000 commission when his company bought three stock exchange seats for $29.1 million.

 Chen told the High Court yesterday she could have received as much as $3 million when she helped Emperor Securities purchase the block of A-share seats from Shing On Securities in 1994.

 Chen, who is facing eight bribery charges, which she denies, said she never told Emperor chairman Mr Yeung she was the middle man.

 The 65-year-old mother of three said she accepted the discounted commission fee because she was doing Mr Yeung 'a big, big favour' - even if he was not aware of it.

 'I've always been very helpful to others and I never calculated what sort of reward I would get,' Chen said.

 'That is why so many people like me. That is why 400-500 people supported me.

 'It would have been embarrassing if he knew.

 'I would have been embarrassed because I value friendship, helpfulness and loyalty.'  Chen was the convenor of the stock exchange committee responsible for the approval of membership and the transfer of A-share seats.

 She did not declare an interest when she convened the committee for the transfer of the Shing On seats to Emperor Securities or the transfer of one On Wah United Securities seat to Nomura Securities in 1993 and 1994, the court has been told.

 She allegedly solicited and accepted $1.6 million in relation to the successful transfer of the seats.

 Money was not the motive when she 'helped' with the transfers, she said.

 Chen told the jury she lost money because she was so wrapped up in stock-exchange affairs.

 'The market was so bullish in 1993 and 1994 and I lost a lot of money, a lot of warrants expired,' she said.

 'Because of an oversight they are now worthless pieces of paper.'   Chen said she was the one who was 'double-crossed, because I didn't ask for more'.

 Chen maintained she had no doubt that the applications would be approved.

 The 'commissions' she received had no bearing on her voting, she said.



Chen says $600,000 was a big favour