Bribery accused granted bail, permitted to leave Hong Kong

Local | Sophie Hui 21 May 2019

A former senior investment banker was yesterday granted bail and permission to leave Hong Kong by a Eastern Magistrates' Court after her bribery case was adjourned to June 28.

Catherine Leung Kar-cheung, 51, the ex-managing director of JP Morgan Securities (Asia Pacific), is charged with two counts of offering an advantage to an agent. She appeared before principal magistrate Peter Law Tak-chuen yesterday. No plea was taken.

The prosecution alleged that on January 19, 2010, Leung offered an advantage to Ang Keng-lam, the then chairman of Kerry Logistics Network, in the form of an employment contract for his son, Ang Ren-yi.

The employment contract was an inducement or reward for the logistic company's boss showing favor to JPMS in the engagement of investment banks or institutions for the initial public offering of the firm.

Another charge alleges that between June 28, 2010 and October 28, 2011, Leung offered Ang an advantage - namely the employment of Ang's son with JPMS.

The prosecution sought to have the case adjourned in order to prepare the necessary documents to transfer the case to District Court. Law approved the request and adjourned the case until June 28.

Leung was released on HK$20,000 bail and is allowed to leave Hong Kong. "I appreciate it," she said.

But the accused was barred from having any contact with any of the prosecution's witnesses.

Leung was charged last Thursday by the Independent Commission Against Corruption with bribery over the IPO of Kerry Logistics Network.

JPMS is a subsidiary of JP Morgan Chase & Co, while Leung was responsible for sourcing business for JPMS, JPM and its affiliates when she was working for JPMS, the ICAC said.

It added that in or about 2007, JPMS began to hire candidates referred by its clients, or potential clients, under the client referral program.

Senior staff at or above the rank of executive director or managing director - like Leung - could refer candidates to JPM or JPMS for the junior posts of analysts or associates.

Search Archive

Advanced Search
September 2019

Today's Standard

Yearly Magazine

Yearly Magazine