Hong Kong’s Independent Commission Against Corruption (ICAC) has charged a former personal assistant (PA) of a businessman for allegedly conspiring with the businessman to deal with crime proceeds of over $125 million. The ICAC launched its investigation after a corruption complaint received from the Securities and Futures Commission (SFC).
Authorities believe that in 2015, the businessman arranged his then-PA (the defendant) and others to hold substantial numbers of shares of the publicly-listed Sunway International Holdings Limited. He also arranged some individuals to take up senior executive posts in the listed company. After Sunway started its money lending business in early 2016, the businessman allegedly obtained five loans of over $125 million. However, authorities found that repayments of over $80 million of this sum were defaulted.
Authorities believe that in 2016-17, the defendant conspired with the businessman and others to deal with the five loans. He participated even though he must have known that the loans represented the proceeds of an indictable offense.