A substantial shareholder and the chairman of Asia Resources Holdings Limited were sentenced to 34 and 37 months in prison, respectively, for their roles in a conspiracy to defraud The Stock Exchange of Hong Kong and other parties through a secret “backdoor listing” agreement involving over $200 million in illicit payments. The duo, Chim Pui-chung and Ricky Chim Kim-lun, were found guilty of conspiracy to defraud, with the court emphasizing their actions undermined Hong Kong’s reputation as a financial center. Additionally, Wong Poe-lai, an associate involved in money laundering, received a 24-month sentence. The Independent Commission Against Corruption (ICAC) has filed for confiscation of the crime proceeds and is pursuing a warrant for businessman Ma Zhonghong, who is also implicated in the case but remains at large. The investigation stemmed from a complaint by the Securities and Futures Commission, revealing that the defendants concealed critical information regarding a capital-raising exercise meant to facilitate the backdoor listing scheme.
Resources: https://www.icac.org.hk/en/p/press/index_id_2041.html