By Debra Mao
Nov. 13 (Bloomberg) -- Former HSBC Holdings Plc executive Chen Ching-hsiao pleaded guilty to charges that he accepted a $60,000 bribe from a client seeking credit facilities.
The former senior vice president at HSBC’S commercial- banking department said “yes” when asked if he was pleading guilty at the Hong Kong District Court today.
“The prosecution’s case was not strong, but my client wanted to avoid the embarrassment of a lengthy trial,” Chen’s lawyer Barry Chin said. Chen faces as much as 2 to 3 years in prison, Chin said. Judge P. Li scheduled sentencing for Nov. 30.
Chen accepted a bribe from an unidentified Taiwanese client in June 2007 in return for “recommending or approving” two credit facilities, Hong Kong’s Independent Commission Against Corruption said Oct. 22.
HSBC referred the case to the anti-graft agency and provided “full assistance” during the investigation, according to the ICAC statement. Gareth Hewett, a spokesman for HSBC in Hong Kong, declined to comment before today’s hearing.
The case is Department of Justice v. Chen Ching Hsiao, DCCC 1184/2009, Hong Kong District Court No. 27.
To contact the reporter on this story: Debra Mao in Hong Kong at dmao5@bloomberg.net
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