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Chen approach to colleagues denied

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SCMP Reporter

The stock exchange membership committee convenor says his predecessor, Chen Po-sum, did not try to influence a decision on exchange membership for two companies from which she had accepted commissions.

Chen, a former vice-chairman of the exchange, is facing eight bribery charges in connection to $1.6 million she allegedly solicited and accepted in relation to the transfer of A-share exchange seats in 1993 and 1994.

Chen, 65, has said the money was for legitimate introduction fees and denied it was given to help her sway the voting.

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Membership convenor Yu Wai-keung yesterday told the court Chen had not approached any of the other 30 committee members, who approved admission to the floor.

The court has been told Chen took $800,000 for supporting a 1994 bid by Japanese securities giant Nomura Securities to buy a seat on the exchange from On Wah United Securities Co.

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It has also been told she accepted another $800,000 for the transfer of three A-share seats from Shing On Securities to Emperor Securities.

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