ICAC arrests founder of listed handbag firm and nine others after 'bribe' tip-off
ICAC has arrested the founder of handbag maker Wealthmark International (Holdings) for allegedly misappropriating $20.8 million in corporate funds.
Wong Chor-wo, who is chairman of the company, faces seven charges of theft involving cheques drawn on the bank accounts of subsidiary Wallmark Enterprise.
The corruption watchdog arrested Mr Wong and nine other people on Monday and Tuesday in an operation code-named 'Oasis'.
ICAC The ICAC was alerted by a tip-off which alleged that the chairman of a listed company might have bribed other people to become involved in the misappropriation of corporate funds and assets.
Mr Wong, 53, also faces a charge of knowingly making a false statement to the company's auditor, PricewaterhouseCoopers.
