Ex-bourse listing exec Eugene Yeoh, consultant Richard Lum charged with HK$9.15m graft

Business | 25 Mar 2020 11:23 am

Eugene Yeoh Kim-loong, 43, a former joint head of the listing department vetting team at the Hong Kong bourse, along with an initial public offering consultant, are being charged with bribery and miscondict in public office, involving HK$9.15 million in connection with the IPO applications of various listed companies, the Independent Commission Against Corruption, said. 

Also, Richard Lum Chor-wah, 60, IPO consultant, faces a bribery charge.

The defendants were brought to the West Kowloon Magistracy this morning.

The ICAC said, Yeoh was one of the two Joint-heads overseeing the IPO vetting team of the listing department of the Hong Kong Exchanges and Clearing.

He was responsible for vetting IPO applications for compliance with the listing rules and the Companies Ordinance, and endorsing recommendations of approval or rejection before those applications were tabled to the listing committee or GEM listing approval group.
Lum was an IPO consultant providing advice and assistance to companies who intended to make IPO applications.
The misconduct charge alleges that between June 20, 2017 and April 30, 2019, Yeoh, wilfully misconducted himself in the course of or in relation to his public office, without reasonable excuse or justification. Yeoh has allegedly concealed from or failed to declare or disclose to the HKEX the transfer of HK$9.15 million from Lum to Yeoh’s wife.
Yeoh has also allegedly failed to declare a conflict of interest in connection with his handling and processing of various IPO applications in which Lum participated; and failed to abstain from the deliberation and decision making in respect of those IPO applications.
One of the bribery charges alleges that on or about December 21, 2017, Yeoh accepted from Lum a sum of HK$2 million, as an inducement to or reward for being or remaining favorably disposed to the IPO application of Shen You Holdings Limited.
The other bribery charge alleges that on or about December 21, 2017, Lum offered the HK$2 million to Yeoh for the same purpose.

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