Anti-graft agency alleges that the former executive took part in a $6 million stock scam involving small-cap companies A former ING Investment Management fund manager is among four executives facing bribery and fraud charges, as graft-busters widen a probe into an alleged $6 million stock scam involving sales of shares in three listed firms. It is the first time a fund management firm has been identified in the Independent Commission Against Corruption (ICAC) investigation, which saw 20 financial executives arrested in late February over an alleged fraud involving the promotion and selling of stocks in small-cap firms. Former ING Investment Management Asia-Pacific (HK) fund manager Adrian Foo Tiang-hock was yesterday charged, along with two brokers and a director of a listed firm. All have been granted bail and will appear before the Eastern Magistracy today to face a total of five charges for alleged offences that took place between July last year and February this year. The others charged are Nicholas Tan Chye-seng, a former research analyst at UBS Securities Asia, former SBI E2-Capital China Holdings director Louis Lin Chak-pui and Li Man-tak, a former executive director at Kwong Hing International Holdings. Li, Lin and Tan are accused of having conspired together with an unidentified person to bribe Foo, who was asked to buy and hold shares in dyed-yarn maker Kwong Hing on behalf of the Dutch fund's firm. A second charge alleges that all four defendants conspired with another unnamed person to offer Tan a kickback as a reward for promoting Kwong Hing shares, the result of which was UBS publishing a favourable research report on the firm. The alleged kickbacks involved cash, a source close to the ICAC said. The investigation also involves share dealings in trade catalogue and Yellow Pages provider HC International and apparel designer LeRoi Holdings. In July, the ICAC claimed that a Kwong Hing executive director struck a corrupt deal with a fund manager to buy over 10 million shares in the main-board listed firm. SBI E2 brokered the deal, in which a substantial Kwong Hing shareholder sold the shares. In a statement, ING confirmed it had co-operated with the ICAC investigation. 'ING has also conducted its own internal investigation into its investment process and the circumstances surrounding this investigation,' it said. 'The ICAC has confirmed that ING Investment Management is not the subject of its investigation with regard to this matter.' Foo faces two more charges, one of which alleges he accepted $1 million from another person for making ING buy LeRoi shares. He is also alleged to have conspired to defraud SBI E2-Capital in relation to the share placement of HC International stock. Li resigned from Kwong Hing on May 30 for personal reasons while Lin was sacked by SBI E2 after his arrest. Foo was suspended by ING in March and has now left the firm, and Tan was suspended by UBS on February 27 before leaving the firm on May 31. Tan's arrest highlights concern over conflicts of interest related to analyst reports. The Securities and Futures Commission in March launched a consultation on tightening regulation with respect to analyst reports.