P.M. BRIEFING : Hong Kong Stock Man Sentenced
A former chairman of the Hong Kong Stock Exchange was sentenced today to four years in prison for corruption.
Ronald Li, 61, was also ordered to pay an estimated $1.4 million in court costs and profits reaped from his corrupt acts.
The high-rolling former stock exchange chairman was convicted in High Court on Wednesday on two counts under Hong Kong’s Bribery Prevention Ordinance.
Li was found guilty of accepting preferential offerings of shares in Cathay Pacific Airways and Novel Enterprises in 1986 and 1987 in exchange for helping obtain listings on the market for the companies’ shares.
Justice Kemal Bokhary sentenced Li to two years in prison for each count. He had faced a maximum penalty of seven years in prison and $64,000 in fines on each count.
Li’s lawyer said he will “most probably” appeal the verdict. Li faces other charges along with seven former members of the exchange scheduled to be tried in February.
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