Another key member of a “Sing Gao Bulk Cargo” group, commonly known as “WeChat Female Scam”, was arrested. The Securities Regulatory Commission and the Independent Commission Against Corruption have taken joint operations in the past two days and arrested five key members of the group that is active in the market. Some of them have accountant qualifications and serve as senior personnel in several Hong Kong listed companies. Eight suspected masterminds or core members of the group were arrested in November last year on suspicion of corruption.
The group is also involved in other crimes of obstructing justice
The SFC and the ICAC searched various premises in this operation, including the office and residence of the arrested person. After in-depth investigations by the two departments, they suspected that the group was also involved in other illegal activities, including obstructing judicial justice and obstructing the investigation of the Securities Regulatory Commission. As the investigation is still ongoing, the SFC will not comment further at this stage.
Wei Hongfu, Executive Director of the Regulatory Enforcement Department of the Securities Regulatory Commission, said that the action demonstrates the determination to combat market misconduct involving corruption, and adopts a zero-tolerance attitude towards offenders who attempt to obstruct the investigation of the Securities Regulatory Commission and judicial justice. Yau Shu-chun, Deputy Commissioner of the ICAC and Head of the Executive Department, emphasized that the ICAC will never condone any illegal acts of corruption or obstruction of investigations. It will continue to cooperate with the Securities and Futures Commission and persevere in pursuing corrupt elements so as to maintain Hong Kong’s status as a clean international financial center.
Originally published on AM730 https://www.am730.com.hk/local/-WeChat female scam-group arrests once more-SFC and ICAC arrest 5 backbones/366439?utm_source=yahoorss&utm_medium=referral
