Former HKEX executive and two ‘associates’ arrested by corruption watchdog for alleged misconduct when approving two listings
- The arrests came after the ICAC joined forces with the SFC, Hong Kong’s financial regulator, in an operation called ‘cold mountain’
A former senior executive at Hong Kong’s stock exchange operator, and two of his associates, have been arrested for suspected corruption in approving the listing applications of two companies, according to the city’s anti-graft watchdog.
“A former joint head of the IPO vetting team of the listing department of the Hong Kong Exchanges & Clearing Limited (HKEX) and two of his associates were arrested by the ICAC for suspected corruption and misconduct in public office in relation to the vetting of listing applications of the two listed companies,” a spokesman for the Independent Commission Against Corruption said in a statement on Wednesday night.
The arrests came after the ICAC, for the second time in its history, joined forces with the Securities and Futures Commission, Hong Kong’s financial regulator.
The joint operation, code-named “cold mountain”, started on Sunday when the two agencies searched the offices of two listing sponsors, investment banks licensed by the SFC.
In addition, the ICAC searched a number of other premises, including the offices of the two listed companies and a financial printing company.
