Hong Kong corruption watchdog arrests 7 linked to listed company over suspected HK$120 million fraud
Hong Kong Free Press
Hong Kong’s corruption watchdog has arrested seven people linked to a listed company for suspected fraud following a cross-border operation involving Macau authorities.
The Independent Commission Against Corruption (ICAC) said in a press release on Wednesday that it mounted an operation with Macau police as well as with Hong Kong’s market regulator, the Securities and Futures Commission.
The watchdog arrested seven people allegedly involved in fictitious transactions and false accounting amounting to HK$120 million. Among them were the company’s chairperson and an executive director.
“The investigation revealed that the chairman of the listed company and other individuals had allegedly falsified business documents and accounting records of the company’s subsidiaries in Hong Kong and Macau,” the ICAC wrote.
They also allegedly used false documents and accounting records to hide the misappropriation of about HK$9 million of the company’s funds.
The alleged acts could be in breach of the Securities and Futures Ordinance for disclosing false or misleading information, the ICAC added.
Alongside investigation in Hong Kong, Macau police had searched premises and interviewed individuals concerned. The ICAC Deputy Commissioner and Head of Operations Ricky Yau said the joint operation demonstrated the “close collaboration and determination” of the two cities’ law enforcement authorities in tackling corruption and ensuring a clean business environment.
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