Hong Kong's graft-buster, the Independent Commission Against Corruption, has charged a former UBS banker.
A former Associate Director of a Switzerland's UBS has been charged by the Independent Commission Against Corruption (ICAC) over a conspiracy to accept bribes totalling 1.5 million Hong Kong dollars, for managing a client’s portfolio.
Tu Bing, 39, now faces one count of conspiracy for an agent to accept advantages, according to a press release issued by the ICAC.
At the time, the defendant, was working in the bank’s global wealth management and business banking team where he was responsible for managing investment portfolios of clients.
Accepted Bribes
The charge alleges that between May 1, 2007 and November 10, 2008, the defendant conspired together with a client for the former to, without lawful authority or reasonable excuse, accept bribes as rewards for managing the client’s investment portfolio with UBS Hong Kong Branch.
The bribes allegedly accepted by the defendant, which were at a rate of 20 percent of the gross investment gains made by him when he managed the investment account of the client held with UBS Hong Kong Branch, were said to amount to about 1.5 million Hong Kong dollars.
The defendant, has been released on bail. He will appear in the Eastern Court on Friday March 31 for transfer to the District Court for plea.
The ICAC statement said UBS Hong Kong Branch rendered full assistance during its investigation.
