Former JPMorgan managing director pleads not guilty to bribery charges relating to Kerry Logistics IPO
- Trial of Catherine Leung Kar-cheung, the former managing director of JPMorgan Securities (Asia Pacific), has been set to start on February 25, 2020 and last for eight days
A former managing director of JPMorgan Securities (Asia Pacific) has pleaded not guilty to charges of bribery related to the US bank’s hiring programme in Asia known as “Sons and Daughters”, the District Court in Wan Chai heard on Thursday.
Catherine Leung Kar-cheung, a veteran banker who now runs her own venture capital company, appeared in court represented by barrister Charles Chan in front of District Court Judge Kwok Wai-kin.
A pre-trial hearing date has been set for December 6 while an eight-day hearing will be held from February 25, 2020. Leung could face a maximum penalty of up to seven years in jail if convicted.
The charges allege that in January 2010 Leung offered to hire Ang Ren-yi, the son of Kerry Logistics Network chairman Ang Keng-lam “in anticipation that Ang would return such favour by influencing Kerry Properties and/or Kerry Logistics to give business to JPMorgan Securities,” senior public prosecutor Laura Ng wrote in a court document presented to the judge.
JPMorgan Securities hired Ang Ren-yi as a permanent staff member in June 2010 at an annual salary of HK$545,000 (US$69,753) plus a housing benefit of HK$180,000. In 2011, his pay was adjusted to HK$640,000 per year until he resigned in October 2011.
“Notwithstanding the son’s low grade point average and lack of financial or accounting background, the defendant pressed for a permanent post for the son in JPM (JPMorgan) or JPMS (JPMorgan Securities),” Ng said in the court document.
