20 Sep 2011

Former Icbc Officials Convicted for Corruption

Two former executives from the Industrial and Commercial Bank of China (ICBC) were sentenced to prison today at a Hong Kong court. According to the Independent commission Against Corruption (ICAC), they were found guilty of accepting bribes in exchange for favoring a client in a loan operation.

Derick Chan, former head of the corporate banking department at ICBC, was sentenced to two years in jail, whereas Chan Yick-yiu, who was in charge of real estate and finance, was sentenced to three years. Both of them admitted having received HK$ 3 million in bribes from corporate client Zeng Wei between August 2009 and October 2010.

For the full story on reuters.com, please click here. The picture shown above is from the International Business Times.