ICBC executive faces bribery charges

HK Anti-Graft Agency claims Derick Chan Po-fui received total of HK$3.3mln from United Win major shareholder.

An executive from Industrial & Commercial Bank of China (Asia) Ltd. and two other people were charged in a bribery case brought by Hong Kong’s Independent Commission Against Corruption, the anti-graft agency said in a statement on Thursday.

The ICAC said it had brought charges against Derick Chan Po-fui, 50, head of the corporate banking department, and Chan Yick-yiu, 43, former head of real estate and finance at the bank. Zeng Wei, 47, a major shareholder of United Win Holdings Ltd., was also charged, the ICAC said.

ICBC (Asia), a unit of Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, had no comment, spokeswoman Hilda Chow said by telephone. The bank cooperated in the investigation, which was code-named operation “Thunderbolt,” the ICAC said.

No phone number was available for United Win.

The defendants face nine charges, including one count that alleged Derick Chan accepted bribes of HK$1 million and HK$2.3 million from Zeng to extend the due date for repayment of loans, the ICAC said.

Chan Yick-yiu is charged with accepting bribes of HK$500,000 and HK$2 million for helping Zeng and his companies prepare loan proposals with the bank.

View the full story in Bloomberg.