Chim Pui-chung, former substantial shareholder of Asia Resources Holdings Limited, and Ricky Chim Kim-lun, its former chairman, were convicted of conspiracy to defraud after concealing a secret “backdoor listing” agreement in a capital-raising exercise. Businessman Ma Zhonghong, also implicated, is wanted under an arrest warrant, while his employee Wong Poe-lai was convicted of money laundering. The scheme involved a concealed $210 million agreement to transfer control of Asia Resources through undisclosed share placements and convertible note issuances in 2013. Following an investigation prompted by the Securities and Futures Commission (SFC), the ICAC charged the defendants, emphasizing continued efforts to combat corruption in Hong Kong’s financial markets. Sentencing is scheduled for 8 January 2025.
Resources: https://www.icac.org.hk/en/p/press/index_id_2019.html