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Former UBS AG Hong Kong Banker Charged By ICAC In HK$1.5 Million Bribery Case

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Former UBS AG Hong Kong Banker Charged By ICAC In HK$1.5 Million Bribery Case

A former associate director of a foreign investment bank has been charged by the Independent Commission Against Corruption over a conspiracy to accept bribes totalling HK$1.5 million for managing a client’s portfolio.

Tu Bing, 39, a former associate director of UBS AG Hong Kong, faces one count of conspiracy for an agent to accept advantages, according to a press release issued by the government.

At the time, the defendant was working in the bank’s global wealth management and business banking team.

He was responsible for managing investment portfolios of clients.

Between May 1, 2007 and November 10, 2008, Tu allegedly conspired with a client to accept bribes for managing the latter’s investment portfolio with the bank.

The bribes were at a rate of 20 per cent – amounting to HK$1.5 million – of the gross investment gains made by Tu when he managed the account.

UBS AG Hong Kong rendered full assistance to the ICAC during its investigation.

The defendant has been released on bail.

He will appear in the Eastern Court on Friday for transfer to the District Court for plea.

Source: SCMP

By Pathay Singh on 04/05/17