Two former bankers who supplied fake evidence to the Securities and Futures Commission while being investigated by the regulator should be referred to the criminal authorities, a judge said yesterday.
Wan Ten-lok, formerly of Core Pacific-Yamaichi Capital, gave misleading responses to a Hong Kong exchange inquiry about his employer's role in an initial public offering of a company that fabricated its sales, the Securities and Futures Appeal tribunal ruled yesterday.
And when he was subsequently investigated by the SFC, he framed an innocent colleague for preparing the misleading submissions to the exchange, Justice John Saunders ruled.
Sunny Yan Kwok-ting, another former Core Pacific banker, provided supporting evidence to the SFC that 'aided and abetted' Wan in making his false claims, the judge said.
'[The] Director of Public Prosecutions may take up evidence in respect of any prosecution he may wish to instigate against Mr Wan and Mr Yan,' Saunders said, while handing down his decision.
In 2002, Core Pacific advised on the stock listing of Tungda Innovative Lighting. Tungda rapidly found itself under SFC investigation for false accounting, and its chairman, Chu Chien-tung, was convicted of conspiracy to defraud.