Ex-lawmaker Chim Pui-chung granted $5m bail pending appeal in fraud case

Former lawmaker Chim Pui-chung has been granted HK$5 million cash bail pending his appeal after being sentenced to 34 months in prison for conspiracy to defraud the Hong Kong Stock Exchange and a listed company more than a decade ago.

Chim had previously applied for bail pending appeal last July, but the request was rejected.

High Court judge Keith Yeung Kar-hung approved the 79-year-old’s second bail application on humanitarian grounds, citing his advanced age, limited mobility, and the fact that his earliest release date is October 27, 2026, which may arrive before his appeal is heard.

Under the bail conditions, Chim must remain in Hong Kong and surrender all travel documents. He is required to reside at his declared address with his wife and report to a police station twice a week. He must also avoid direct or indirect contact with prosecution witnesses and attend all court hearings.

Chim and his son, Ricky Chim Kim-lun, were accused of concealing an agreement with mainland businessman Ma Zhonghong between 2013 and 2015. Under the deal, Ma was to pay HK$210 million to the Chims in exchange for control of approximately 70 to 75 percent of Asia Resources Holdings Ltd.

The agreement, however, was never disclosed to the company’s board, shareholders or the Hong Kong Stock Exchange.

Chim, who represented the financial services sector in the Legislative Council from 2004 to 2012, was a substantial shareholder in the company. His son served as chairman of the firm from 2008 to 2014.

The pair were sentenced in February last year after being convicted of conspiracy to defraud. Ricky Chim was jailed for 37 months.

Both were also disqualified from serving as company directors for three years.