Publications

We wrote the book:

Paperback:

Kindle and Kindle Reader:

How Not To Be A Money Launderer (Kindle)

World Money Laundering Report

World Money Laundering Report for Kindle

White Collars Available
TM Lewin and Sons Ltd.

Protect your vital assets

Webroot Software Inc.

Heading somewhere tropical in a hurry?

MosquitoMagnet.com - Shop Now!

Always got a flight bag packed?

Shop BagKing.com! Free Shipping on Orders over $50!

Improve your knowledge with
FTPress.com (Pearson Education)

Home

A former estate agent, charged by the Hong Kong's Independent Commission Against Corruption (ICAC), was today sentenced to five months' imprisonment at Tuen Mun Magistracy for soliciting and pocketing an extra bonus of HKD10,000 from a client over a property transaction without the permission of his employer.

Law Ka Yat, 28, formerly employed by Yearsfull Real Estate Agency Company Limited (Yearsfull), pleaded guilty to one count of an agent soliciting an advantage and two of an agent accepting an advantage, contrary to Section 9(1)(b) of the Prevention of Bribery Ordinance.

In sentencing, Magistrate Mr Anthony Kwok Kai On remarked that the court had to impose a custodial sentence on the defendant in view of the seriousness of the bribery offences.

The court heard that at the material times, the defendant was employed by Yearsfull as a senior property agent.

In late 2009, a property owner entrusted Yearsfull to sell his flat in Yoho Town, Yuen Long. The request was handled by the defendant.

On 4 December, 2009, the defendant told the property owner that a couple offered to purchase his flat in Yoho Town for HKD2.08 million after viewing it. The offer was turned down by the property owner, who insisted to sell it at HKD2.1 million.

The defendant then solicited an extra bonus of HKD10,000 from the property owner for assisting the latter to sell the flat at HKD2.1 million. Subsequently, the couple agreed to buy the flat at HKD2.1 million.

After signing a provisional sale and purchase agreement with the couple, the property owner signed an agreement undertaking to pay HKD10,000 extra bonus for the transaction.

The court heard that on 1 December, 2009, the defendant urged the property owner to pay him the extra bonus to ease his financial difficulties.

At the defendant's request, the property owner transferred HKD5,000 to the defendant's personal bank account on 21 December, 2009.

On 3 March, 2010, the defendant collected the remaining HKD5,000 in cash from the property owner.

Yearsfull prohibited its employees from soliciting or accepting any extra bonus from clients in relation to property transactions without permission.

Source: ICAC February 2012

Protect your company, your staff and your reputation
with the best in AML / CFT E-Learning:


Click To Learn More

Money Laundering
Corporate fraud