Wong Tung-ching, deputy chief executive of Guotai Junan International Holdings Ltd. (01788.HK), is being investigated by the city’s anti-bribery agency, the Hong Kong Economic Journal reported Thursday.
The Independent Commission Against Corruption has searched Wong’s home and a company office, the securities firm said in a stock exchange filing.
The investigation is related to an alleged offence under Section 9(1) of the Prevention of Bribery Ordinance (Cap. 201), which prohibits an agent from accepting an advantage.
The ICAC seized certain opening records of trading accounts and an agreement relating to a placement of securities.
A Guotai Junan spokesman said the investigation has had no impact on the firm’s operations and that Wong has been carrying out his normal duties.
Market players suspect the case is related to certain private placements or an internal power struggle among senior executives.
The firm’s website shows it was involved in placements by FDG Electric Vehicles Ltd. (00729.HK), China Smartpay Group Holdings Ltd. (08325.HK) and China All Access Holdings Ltd. (00633.HK).
Wong also helped arrange the B-to-H share conversion for China International Marine Containers (02039.HK) last year.
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