Former Hong Kong stock exchange executive charged over undisclosed cash deposits

Hong Kong's anti-corruption agency has charged a former senior executive at the city's stock exchange operator with allegedly withholding details of substantial cash deposits during an asset-declaration investigation.

Geoffrey Tong Po-hang, 39, who previously served as vice-president of Hong Kong Exchanges and Clearing (HKEX), faces one count of failing to comply with a notice issued under the Prevention of Bribery Ordinance, the Independent Commission Against Corruption announced. He was released on bail and is scheduled to enter his plea at Eastern Court.

Asset Declaration Deadline Extended

ICAC officers initially served Tong with a notice in September last year requiring him to submit a statutory declaration detailing his property, expenditures and liabilities covering the preceding three years. The watchdog later granted an extension to the deadline, moving it to March this year after Tong requested additional time.

Allegations Over Cash Deposits

Prosecutors allege that Tong, without reasonable excuse, failed to meet the March 12 deadline by not providing information on 30 cash deposits that together totalled more than HK$2.1 million (US$153,017) made to his bank account. The charge concerns his alleged failure to disclose these specific transactions as required under the anti-corruption ordinance.

The Prevention of Bribery Ordinance empowers ICAC to compel individuals under investigation to declare their assets through statutory notices.

Source: South China Morning Post