• Thu
  • Sep 18, 2014
  • Updated: 3:43pm

ICBC banker pleads guilty to accepting large bribes

PUBLISHED : Tuesday, 05 July, 2011, 12:00am
UPDATED : Tuesday, 05 July, 2011, 12:00am

A department head at Industrial and Commercial Bank of China yesterday admitted accepting HK$3.3 million in bribes for helping a businessman extend the repayment period of a HK$2.7 billion loan.

Derick Chan Po-fui, the head of the corporate banking department, was remanded in custody after he pleaded guilty in the District Court to two counts of accepting advantages. Sentencing was adjourned to July 20, pending a background report.

Meanwhile, the Independent Commission Against Corruption is seeking businessman Zeng Wei, 48, who allegedly offered bribes to Chan and his subordinate Chan Yick-yiu, the head of real estate and finance at the bank.

Zeng, a shareholder and director of mainland-based United Win Holdings, which engages in real estate and hotel and golf course businesses, had been freed on bail but failed to appear in court. He faces three charges for allegedly offering HK$4.3 million in bribes to two bank officers.

Chan Yick-yiu pleaded not guilty to six charges - four of accepting an advantage and two of conspiracy to launder money. His trial will start on Wednesday before Deputy Judge Sham Siu-man.

The court heard that Zeng got HK$2.7 billion in loans from the bank between August 2006 and October 2007, either as a shareholder of a company he ran or as a guarantor.

When the loan was about to come due in July 2007, Zeng six times applied for a repayment extension. Three of the applications were endorsed by Derick Chan and Chan Yick-yiu, and the other three by either one of them.

Five of the applications were later approved by ICBC management.

Zeng and Derick Chan were arrested when Zeng handed over a bag containing HK$2.3 million to Derick Chan in the toilet of a hotel in Central on October 5.

Derick Chan had faced charges he received mobile phones and red wine from Zeng, but those were left on the court file.

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