Three linked to IPO vetting fraud held

Top News | Avery Chen 27 Jun 2019

A former joint head of the initial public offering vetting team on the Hong Kong Exchanges and Clearing's listing team and two of his associates have been arrested by the Independent Commission Against Corruption for suspected corruption and misconduct in public office.

The arrests are linked to the vetting of listing applications of the two listed companies.The arrests came after the Securities and Futures Commission and the ICAC conducted a joint operation to search the offices of two sponsor firms on Sunday.

The former senior executive of the IPO vetting team is suspected of improper approvals involving at least 30 listings, two law firms and three sponsors, local media reported earlier this month.

The HKEX said it is committed to ensuring that this is investigated in full and is providing the ICAC and the SFC with full assistance and cooperation.

It said it is not able to comment further in relation to the ongoing investigation.

avery.chen@singtaonewscorp.com

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