KPMG senior manager Leung Sze-chit was acquitted on two bribery charges yesterday in connection with the controversial listing of Hontex International Holdings, though the judge characterised his behaviour as both 'stupid and irresponsible'.
District Court Judge Stephen Geiser ruled that Leung be released immediately because the prosecutor could not provide evidence beyond reasonable doubt that he committed a crime.
The Independent Commission Against Corruption charged Leung with accepting HK$300,000 from Chan Chau-wan. Chan, also known as 'Sister Chan', was a consultant for Fujian-based fabric maker Hontex, whose shares have been suspended from trading over questions about the accuracy of its listing prospectus. The ICAC also charged Leung with persuading his assistant, Suki Lau Shuk-ting, into taking an additional HK$100,000.
After the verdict, Leung, who has been on suspension from KPMG, huddled with friends and relatives who had filled the courtroom.
But he refused to comment to the media.
The judge also ruled Leung had to pay his own legal expenses because he had brought suspicion upon himself.
He received the HK$300,000 and kept the money at home for 11 days without reporting the incident to a more senior executive at his company or the ICAC.