Hong Kong Won't Appeal Ruling in Bribery Case Involving Ex-JPMorgan Banker
By Joanne Chiu
The Hong Kong government won't appeal the acquittal of a former
banker at JPMorgan Chase & Co., who was found not guilty of
bribing a potential client by offering a job to his son.
The city's antigraft agency, the Independent Commission Against
Corruption, had charged former banker Catherine Leung Kar-cheung in
2019 with bribing the chairman of Kerry Logistics to win a mandate
for an initial public offering by employing his son at the
But on Feb. 1, a Hong Kong judge ruled that Ms. Leung, a former
vice chairwoman of JPMorgan's Asia-Pacific investment banking
business, wasn't guilty of two counts of bribery. The judge said it
wasn't certain if she intended to win the deal mandate via the job
offer or just to maintain and build a good relationship with the
The prosecution followed scrutiny from the U.S. government over
JPMorgan's so-called Sons and Daughters program, which entailed
hiring relatives of clients and prospective clients to win
investment-banking business. The U.S. bank in 2016 admitted
violations of the Foreign Corrupt Practices Act and agreed to pay
US$264 million to resolve U.S. civil and criminal charges.
In a reply to an inquiry, the ICAC said Wednesday: "The
Department of Justice, having considered the report of the trial
prosecutor on the reasons for the acquittal, has decided that no
appeal is warranted in the case". It didn't provide further
Joseph Tse, a senior counsel who represented Catherine Leung in
the case, said she has no comment. The Department of Justice didn't
immediately respond to a request for comment.
Write to Joanne Chiu at email@example.com
(END) Dow Jones Newswires
March 03, 2021 05:48 ET (10:48 GMT)
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