Ex-CEO charged with stock fraud
The former chief executive of a listed company has been charged with defrauding the stock exchange and authorising the issue of a prospectus containing an untrue statement.
Pau Kwok-ping, 54, was chief executive officer of Eco-Tek Holdings, a company founded by Lily Chiang Lai-lei, the first woman chairman of the Hong Kong General Chamber of Commerce.
'One of the charges alleges that between January 16 and December 5, 2001, Pau and another person, with intent to defraud, induced the Stock Exchange of Hong Kong to permit the listing of the shares of Eco-Tek on the Growth Enterprise Market,' a spokesman for the Independent Commission Against Corruption said yesterday.
The other charge alleges that on November 21, 2001, Pau and the other person authorised the issue of the prospectus of Eco-Tek which included an untrue statement.
Pau was released on ICAC bail and will appear in Eastern Court on Tuesday.
Chiang took leave of absence from her post at the chamber of commerce in January after she was charged by the ICAC with conspiracy to defraud and with making false statements over the granting of share options to employees of Pacific Challenge Holdings.