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Ex-HSBC Banker Gets 20 Months Prison for Taking Bribe -
January 4th, 2010
News: By Debra Mao Dec. 23 (Bloomberg) -- Former HSBC Holdings Plc executive Chen Ching-hsiao was sentenced to 20 months in prison by a Hong Kong court for taking a bribe from a Taiwanese client seeking credit facilities. “As a senior manager he damaged the reputation of the bank but he was willing to face up to his errors,” said Hong Kong District Court Judge Stanley Chan today. Chen, 46, faced a maximum sentence of three years. Chen pleaded guilty on Nov. 13 to charges that he accepted a $60,000 bribe from the owner of Profit Reach, which made shoes for New Balance and Timberland, in June 2007 in return for recommending or approving two credit facilities. HSBC referred the case to Hong Kong’s Independent Commission Against Corruption, the anti-graft agency said in a statement today. Chen was a senior vice-president of HSBC’s commercial banking department in Hong Kong responsible for dealing with Taiwanese entrepreneurs doing business in China, the ICAC said. He recommended facilities of over $10 million for Profit Reach and another sports shoe maker owned by the same businessmen. The two companies owed HSBC HK$60 million ($7.7 million) in default payments as of Nov. 26.
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