$1.6m bribe suspect can travel

Agatha Ngai

Former vice-chairman of the Stock Exchange Chen Po-sum, accused of accepting $1.6 million in bribes in connection with the transfer of 'seats' on the trading floor, regained limited travel freedom yesterday.

Eastern magistrate Alan Wright allowed Chen, 65, to go on business trips on condition that she surrender her passport to the Independent Commission Against Corruption (ICAC) within 24 hours of returning. Two days before any proposed departure, she should show her itinerary to the ICAC and produce a return ticket, added Mr Wright.

Chen, on $1.5 million cash bail, with $1.5 million surety, would also have to offer two additional sureties totalling $3 million to gain access to the travel documents.

The arrangements were needed because Chen had a public role and needed to travel, said lawyer Kevin Egan. Mr Wright adjourned the case to August 22 to fix a date for committal.

Chen faces three charges of soliciting an advantage and five of accepting an advantage between December 1993 and May 1994 while she was the exchange's vice-chairman and convenor of the membership committee.

She was alleged to have received $800,000 for supporting the transfer of one 'seat', or 'A' share of the Stock Exchange, from On Wah United Securities to Nomura Securities (Hong Kong).


Prosecutor Alain Sham also accused her of accepting $800,000 for supporting the transfer of three Stock Exchange 'A' shares from Shing On Securities to Emperor Securities.