Banker, broker get 23-month jail in bribery case
Updated: 2007-07-26 06:57
By Teddy Ng(HK Edition)
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The banker and the investment analyst, who were found guilty of accepting bribes from the former Semtech International Holdings chairman Derek Wong, have each been sentenced 23 months of imprisonment by the District Court yesterday.
However, the sentencing of Wong, who was charged with offering advantages, was adjourned until August 15 as Wong was still at large, District Court Judge Colin Mackintosh said.
A warrant had been issued for the arrest of Wong after he failed to turn up in the court on Tuesday. The Independent Commission Against Corruption has also urged the public to provide information on Wong.
Wong was accused of offering HK$400,000 to American Express Bank Limited former senior director Earnest Leung Chi-wah on July 9, 2004 for showing favor to Wong in bank's affairs or purchase of Semtech shares.
He was also accused of offering HK$170,000 to VC Brokerage Limited former divisional managing director Yung Ka-tim for writing favorable reports on Semtech shares.
In delivering verdict, Judge Mackintosh said corruption was a "cancer" to the society, which should be eradicated by imprisonment irrespective of how well the defendants were respected in the community.
"Imprisonment is the only effective way to prevent the community from being overwhelmed by corruption," he said.
Leung's barrister Alexander King pleaded that Leung had not caused any financial loss to his company, and Leung had been working hard in the banking sector for more than 22 years.
Defending Yung's case, his barrister Thomas Iu said that Yung also had not caused financial loss to his company. Iu also presented the court three letters, with the one written by the chairman of charitable group Yan Oi Tong, saying Yung had good character and contributed to charities.
Even though the acceptance of advantages had not caused financial loss, Judge Mackintosh said the defendants had harmed the reputation of the institutions in which the two defendants were employed and the stock market, which heavily relied on the public trust.
The defendants had breached the trust imposed on them as senior employees in their companies, he added.
The judge also said corruption would undermine public confidence in the institutions.
However, Judge Mackintosh said the defendants were stressed as there was a three-year gap between the arrest in July 2004 and the trial which commenced three months ago.
Leung's barrister said it was not justifiable for the Department of Justice to proceed with the prosecution of the related case in which Wong was convicted of perverting the course of justice for disclosing the name of a protected witness to the media before this corruption case.
Judge Mackintosh said he could not comment on the Department of Justice decision, but agreed to lower the sentence for both defendants from 27 months to 23 months.
He also said the bribe money given to Leung would be paid to the government, while the court would decide the handling of the money given to Yung on August 15.
Legal representatives for both Leung and Yung said they would appeal in the higher court.
(HK Edition 07/26/2007 page6)