Gate News, April 14 — Hong Kong’s Independent Commission Against Corruption (ICAC) charged a middleman, Chan Chau-wan, 72, with allegedly offering HK$400,000 in bribes to two KPMG managers in 2010 to facilitate the IPO of fabric producer Honliv International. The ICAC received the case referral from the Securities and Futures Commission (SFC) in late March 2010; the defendant had left Hong Kong at the time and was arrested upon her recent return.
Chan faces two counts of offering advantages to agents under Section 9(2)(a) of the Prevention of Bribery Ordinance. She has been granted bail and will appear at the Eastern Magistrates’ Courts on April 15. According to the charges, Chan allegedly offered HK$300,000 and HK$100,000 in cash bribes to a KPMG senior manager and assistant manager, respectively, on February 20, 2010, as rewards for their audit services in connection with Honliv’s IPO. Honliv listed on the Hong Kong Stock Exchange’s main board in late December 2009 and was delisted in September 2013.
The KPMG assistant manager refused the bribe and reported the incident to the firm. KPMG conducted an internal investigation and reported the matter to the SFC, which subsequently referred the case to the ICAC.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Morgan Stanley Purchases 177.76 BTC Worth $13.75 Million
Gate News message, Morgan Stanley bought 177.76 BTC worth $13.75M three hours ago. The firm now holds 1,347.54 BTC worth $103.94M in total.
GateNews1m ago
Cerebras Systems Files for U.S. IPO, Second Attempt at Going Public
Cerebras Systems filed for an IPO with U.S. regulators on April 17, 2023, representing its second attempt to go public as an AI chip manufacturer.
GateNews35m ago
DeepSeek Seeks $300M at $10B Valuation as OpenAI, Anthropic Valuations Spark Market Debate
DeepSeek seeks to raise $300 million at a $10 billion valuation, significantly lower than leading U.S. AI firms like OpenAI and Anthropic. Their R1 model's low training cost disrupted the market, leading to investor concerns about valuation disparities and revenue potential.
GateNews1h ago
Cerebras Files for IPO as OpenAI Deal Expands to Over $20B
Cerebras, an Nvidia-backed chipmaker, plans to file for an IPO on April 18, pivoting to provide cloud computing power after a lucrative partnership with OpenAI. The IPO comes amid significant investment in AI chip startups and rising valuations.
GateNews4h ago
Crypto Miner HIVE Targets $75 Million Offering to Fund AI Expansion
HIVE Digital Technologies aims to raise $75 million through exchangeable notes to expand into data centers and AI infrastructure, shifting from crypto mining. The funds will support capital investments, despite recent financial losses.
Coinpedia5h ago
China's Yuanjie Hits Record High as Chipmakers Rally on Strong AI Demand; TSMC Posts 58% Profit Jump
Yuanjie, a Chinese laser chip company, surged 9.6% to top China's stock market, surpassing Kweichow Moutai, which faced its first sales decline in 20 years. Global chipmakers like TSMC posted strong earnings driven by AI demand, while European startups pursue Nvidia alternatives amid new U.S. tech restrictions on China.
GateNews6h ago
