Hong Kong’s corruption watchdog has charged a senior executive at Deutsche Bank, along with four investors, for allegedly accepting and offering over HK$24 million in bribes in relation to the trading of derivative warrants issued by the bank.

Date: Jan 20, 2012

Tags: Deutsche Bank, Hong Kong, Corruption

Hong Kong’s corruption watchdog has charged a senior executive at Deutsche Bank, along with four investors, for allegedly accepting and offering over HK$24 million (US$3.09 million) in bribes in relation to the trading of derivative warrants issued by the bank.

Ma Sin-chi, managing director of Deutsche Bank, faces a charge by the Independent Commission Against Corruption (ICAC) of an agent accepting an advantage, which violates the Prevention of Bribery Ordinance (POBO).

The four stock investors jointly face a charge of conspiracy to offer an advantage to an agent, contrary to the POBO and Section 159A of the Crimes Ordinance.

Ma is alleged to have accepted HK$24.8 million in bribes from the four investors between January 2007 and May 2008 as reward for giving advice on the trading of derivative warrants issued by Deutsche Bank.

ICAC said in a statement that Deutsche Bank and the Securities and Futures Commission provided full assistance during the investigation.

More details: http://www.icac.org.hk/en/news_and_events/pr2/index_uid_1258.html