Mining bosses face bribery charges
Friday, September 13, 2013
STAFF REPORTER
Two former senior executives of a listed company have been charged with offering and accepting an advantage involving 1.5 million company shares from the sale of a subsidiary worth HK$15 million.
Peter Joseph Luk Kin, 42, former executive director of China Mining Resources Group, was yesterday charged with offering an advantage to an agent. Yu Oi- kee, 41, a former financial controller and company secretary of CMRG, was charged with accepting an advantage.
The two have been released on bail by the Independent Commission Against Corruption and will appear in the Eastern Magistracy on Monday morning.
CMRG has been listed on the Hong Kong stock exchange since March 1997.
At that time, CMRG was also engaged in the cord blood storage business through its wholly owned subsidiary Cell Therapy Technologies Centre.
CMRG held the interest in CTTC through Biogrowth Assets Ltd and another company.
In June and July 2007, Luk and Yu quit their CMRG positions although they continued to be directors of CTTC and BAL.
On November 7, 2008 Luk allegedly offered Yu 1.5 million CMRG shares as a reward for processing the sale of CTTC by BAL. The market value of those shares was then HK$330,000.
It was further alleged that on November 21, 2008 Luk and Yu, with the intent to deceive BAL and/or CMRG, conspired to use the minutes of a meeting of the BAL board of directors.
The minutes supposedly contained a false statement that they were not interested in the sale of CTTC by BAL to United Easy Investments for HK$15 million.
