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2012, May 23

Judge Clears KPMG Manager of Corruption

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Judge Clears KPMG Manager of Corruption

by CFO Innovation Asia Staff, 29 April 2011
topics:
Accounting and Regulations Auditing Fraud
tags:
bribery graft and corruption Hontex International Holdings Independent Commission Against Corruption IPO malpractice
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District Court Judge Stephen Geiser has acquitted KPMG senior manager Leung Sze-chit on two bribery charges in connection with the controversial listing of Hontex International Holdings, reports the South China Morning Post.

 

The judge ruled that Leung be released immediately because the prosecutor could not provide evidence beyond reasonable doubt that he committed a crime.

 

The Hong Kong court trial of Leung started on March 28 for accepting HK$400,000 for himself and his assistant in July 2009 from Fujian-based fabric maker Hontex International Holdings.

 

The cash gift was given to Leung and Suki Lau Shuk-ting to allegedly overlook accounting errors in the listing prospectus of Hontex in Hong Kong.

 

According to the newspaper, the judge concluded that Leung's behaviour after receiving the money on February 20 was "stupid and irresponsible" and he was sceptical about why Leung had not reported the case to more senior partners or to the Independent Commission Against Corruption (ICAC).

 

Our previous coverage of the Hontex scandal and KPMG's role can be found here.

 

MORE ARTICLES ON GRAFT AND CORRUPTION

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KPMG auditor acquitted of bribery counts
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CFO Innovation Asia Staff
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