Skyworth Digital Holdings chairman Stephen Wong Wang-sang and his brother, director Wong Pui-sing, who have been charged with misappropriating more than $48 million in corporate funds, were released on bail of $1 million each yesterday. The Skyworth chairman did not respond to media questions after leaving the Eastern Magistracy and rushed to get into a car. His brother, who looked more at ease, said his company's operations remained as normal. He declined to say who would take charge of the business. The two were among 15 people arrested by the Independent Commission Against Corruption on Tuesday and Wednesday. They were alleged to have conspired with their mother, Lo Yuk-ying, to steal nine cheques drawn on the bank account of Skyworth between November 2000 and April last year. The cheques totalled $48.38 million. Ms Lo is a director of Skyworth TV Holdings, an indirect wholly owned subsidiary of Skyworth. No pleas were entered. The court granted cash bails to the defendants and ordered them to surrender all travel documents and not to leave Hong Kong. Magistrate Ian Candy adjourned the case to March 2 next year. As the mainland's third-largest television maker, Skyworth has been a favourite of a few fund managers and it is believed to have been widely traded by the public. HSBC International Trustee is last reported to have held about 822.86 million shares of Skyworth at the end of last year. The equity stake is valued at $2.24 billion based on the closing share price of $2.725 on Monday. Skyworth has been suspended from trading since Tuesday. JP Morgan Chase held about 266.44 million Skyworth shares on November 3. They were worth $726.05 million. Moses Cheng Mo-chi, deputy chairman of Hong Kong Exchanges and Clearing's listing committee, is reported to have said the exchange would study the Skyworth case before deciding whether to hold its listing sponsors responsible. Separately, the Securities and Futures Commission in a press release yesterday said it planned to inspect listing sponsors after the first quarter of next year. The inspection will see how well sponsors and independent advisers comply with listing rule amendments that make clear the role and responsibilities of sponsors.