A magistrate court in Hong Kong has acquitted a former Standard Chartered Bank private banking head of a bribery charge brought by the Independent Commission Against Corruption.

Magistrate Lam Tsz-kan of Hong Kong’s Eastern Magistrates’ Courts dismissed the Independent Commission Against Corruption (ICAC) charge against Ryan Gwee Yuan Kerr on 9 October 2018 after a hearing, according to a media release sent on Thursday.

Gwee, who worked with Standard Chartered Bank (SCB) in Singapore, Hong Kong and Shanghai for more than a decade, was Managing Director and Head of Private Banking for China before he left in 2011 to set up an investment firm which has been reorganised to become Asia Capital Pioneers, which provides consultancy to family offices on investments and philanthropy.

«Being an Agent»

Seven years later, in January 2018, following the conviction of Teng Wen-Chung, former Chairman of Taiwanese insurance company Singfor Life Insurance, for embezzlement, the ICAC charged Gwee for being an agent in accepting an advantage, as finews.asia also reported.

Gwee was alleged to have accepted HK$150,000 in August 2011 in relation to the handling of Teng’s accounts and those of his companies’ accounts at SCB.

Huge Relief

During last month’s court hearing, Gwee’s lawyer, Senior Counsel Peter Duncan submitted that his client had no case to answer. He said the ICAC had failed to produce evidence to show that the HK$150,000 was paid to Gwee in relation to the handling of Teng’s and Singfor’s accounts with the bank, including securing approval for an increase to $100 million in credit to them.

Gwee, now Co-founder and CEO of Asia Capital Pioneers, said: «It is a huge relief to be cleared of this baseless charge. While I was always confident that the ICAC case would be dismissed, it was still no joy to have to defend myself against a false and serious accusation, and to have to live with this terrible uncertainty for ten months.»

Payment for Rare Wines

Duncan added the prosecution was unable to provide a focused and consistent explanation for why the money was paid. While Mr Gwee did not deny receiving the money, he maintained it was a payment for rare wines that he had bought on Teng’s behalf.