SFC Joint Probe Leads to Arrest of Listed Company Execs
A joint probe with Hong Kong’s securities and anti-graft watchdogs led to the arrest of five people over alleged corruption.
In a joint operation between the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC), five individuals from a listed firm were arrested over allegedly accepting advantages in exchange for granting and renewing loans.
Among those arrested are a current executive director and a former executive director of the listed firm.
«The investigation revealed that some of the borrowers were controlled by senior executives of the listed company or their associates, and repayments were defaulted on and largely unrecoverable by the listed company,» according to a statement from the ICAC.
Sunway International Holdings
Although the name of the listed firm has not been publicly disclosed, an «SCMP» report citing unnamed sources claims it was Sunway International Holdings – an investment holdings company primarily focused on the manufacture and trading of construction materials in Hong Kong.
«The SFC and the ICAC will continue to work closely to tackle the misconduct of listed companies including suspicious loan transactions and directors’ misconduct, to protect the investing public and maintain the integrity of Hong Kong’s financial markets,» the SFC said in its statement.
