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SCMP Reporter

Former stock exchange vice-chairman Chen Po-sum collapsed in tears yesterday when her ailing husband shuffled into the High Court.

 Chen, who faces eight bribery charges, watched from the dock as her husband, Choi Fook, 72, entered.

 The tears turned into sobs, and then wails, forcing Mr Justice Pang Kin-kee to clear the court. The trial adjourned for 15 minutes while Chen, 66, composed herself.

 The partially deaf and ailing Mr Choi, who had not previously attended the hearing, was escorted from the court and did not return.

 Throughout the 19-day trial, Chen has sat calmly listening to allegations that she accepted $1.6 million in connection with the transfer of A-share stock exchange seats in 1993 and 1994.

 The emotional outburst occurred while Chen's barrister, Kevin Egan, was in the middle of his final address to the jury.

 The prosecution alleges the money Chen solicited and accepted were bribes, not commissions or introduction fees as Chen claims.

 It is alleged Chen received $800,000 for supporting a 1994 bid by the Japanese securities giant, Nomura Securities (HK), to buy a seat on the exchange from On Wah United Securities Co.

 She accepted another $800,000 for the transfer of three A-share seats from Shing On Securities to Emperor Securities, it is claimed.

 Director of Public Prosecutions Peter Nguyen QC told the jury that 'you have been told a pack of lies', concerning Chen's defence about the 'commissions' and the shifting bank accounts through which the money flowed.

 Chen, who was the convenor of the exchange's membership committee, had not declared her involvement with the companies to the other members.

 She also hid the money and left the impression that she was the middleman in the deals, the court heard.

 The companies had paid her because of her capacity as the membership convenor and to support the application for the floor seats, Mr Nguyen said.

 Mr Egan called the crown's closing speech 'a pathetic apology for a failed prosecution'.

 He said even the prosecution's witnesses denied Chen had done anything wrong.

 'It is a confession that the prosecution has failed, and failed dismally, to prove their case,' Mr Egan said.

 'They have asked you to disbelieve all the prosecution witnesses.

 'And these are the witnesses that they have based their case on.

 'You have the fate of a 66-year-old woman in your hands.'  He said that in the past 11 years, not one application for a floor seat by an existing member had been refused at the stock exchange.

 The companies did not have to pay money to 'this poor old lady' for her support of the application 'because they knew it would go through', Mr Egan said.

 The trial continues today and a verdict is expected on Monday.

BRIBERY CASE Former exchange official charged with accepting $1.6m over transfer of seats Prosecution calls defence a 'pack of lies' Involvement with companies not revealed 



Verdict expected soon in bribery case as stoic former exchange official is