HK: Securities Co. executive arrested.
An unnamed man has been arrested accused of securities fraud.
The Hong Kong Anti Corruption Commission has arrested an executive of a securites firm after a report was received that payments were made in connection with a takeover bid.
The allegation is that the man, a vice president of an unnamed securities and investment form accepted a bribe of HK$2m (around GBP180,000) to persuade a client to sell his shares in the target of a hostile takeover. The takeover was abandoned some time later.
The man, who has not been named, has been released on bail.
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