Two former top executives at the Hong Kong branch of ICICI Bank, India's second-largest lender, were fined yesterday for concealing bank documents during an investigation by the Hong Kong Monetary Authority.
Former chief executive Arnab Basu and former head of private banking Abraham Vergese were fined HK$35,000 and HK$15,000 respectively.
Basu earlier pleaded guilty at the District Court to two counts of producing information that was false in material particulars as the chief executive of an authorised institution, and one count of wilfully altering, abstracting, concealing or destroying a document.
Vergese admitted to one count of wilfully altering, abstracting, concealing or destroying a bank document.
This case marked the first instance of prosecution and conviction under section 56 of the Banking Ordinance of senior executives of a licensed bank.
The case stemmed from an anonymous complaint investigated by the HKMA in relation to unregistered dealing activities.