The former vice-chairman of the stock exchange admitted yesterday she kept the lion's share of transfer commissions from companies seeking and selling floor seats even though others played crucial roles in the deals. Chen Po-sum was first alerted by retired floor trader Wong Yee-wing that On Wah Securities wanted to unload an A-share stock exchange seat. The seat was snapped up by the Japanese firm Nomura Securities (HK) for $7 million, the High Court heard. 'We met in the exchange hall and I gave Mr Wong a cheque for $150,000,' Chen said. 'The money was paid because he introduced the sale. It was his share of the commission.' Mr Wong was paid just over 2 per cent for his part in the 1994 deal, which came from the $800,000, or 11.4 per cent of the final selling price, that Chen allegedly received as her cut of the commission. The Director of Public Prosecutions, Peter Nguyen, QC, asked: 'If it was a true commission, why not split it 50-50?' During her second day of testimony, Chen, 65, continued to deny allegations that the 'commissions' were bribes. She allegedly solicited and accepted $1.6 million in relation to the transfer of four A-share stock exchange seats in 1993 and 1994. It is alleged in addition to the $800,000 she received for supporting a successful bid by Nomura Securities (Hong Kong), she accepted another $800,000 for the transfer of three A-share seats from Shing On Securities to Emperor Securities. The deals were made during her tenure as the convenor of the exchange's membership committee. In the Shing On and Emperor Securities transfers of the three A-share seats, Chen was first told of Shing On's desire to sell by a client, Chan Wai-kuen. The $29.1 million sale was approved during an exchange membership meeting convened by Chen, the jury heard. Chen was allegedly paid $800,000 in commission fees from which she paid Ms Chan two sums of $95,000. Chen denied her decisions to approve or reject transfer applications were in any way influenced by the 'commissions', half of which were paid after approval was finalised. There would be no reason to turn down the applications since both firms were already exchange members, she said. 'It was impossible that anyone would object because Nomura was the biggest brokerage house and if you were to object you would have to have a strong reason,' she said. Mr Nguyen maintained that by not revealing to the other committee members that she was connected to the four firms and would benefit when the transfers were approved, Chen had created a conflict of interest. The trial continues before Mr Justice Pang Kin-kee today.