Compliance
Former UBS Wealth Management Man Faces Bribery Charges
Tu Bing is scheduled to appear in court today.
A Hong Kong anti-corruption watchdog has charged a former
UBS
Wealth Management associate director with conspiring to
accept bribes totalling around HK$1.5 million ($193,013).
Tu Bing, 39, conspired with a client to accept bribes as rewards
for managing their investment portfolio with UBS' Hong Kong
branch between May 2007 and November 2008, the
Independent Commission Against Corruption (ICAC)
alleged.
He faces one count of conspiracy for an agent to accept
advantages and is scheduled to appear in the Eastern Magistracy
on 31 March, and he will then be transferred to the District
Court to give his plea.
At the time of alleged misconduct, Tu Bing was an associate
director of UBS' global wealth management business and its Hong
Kong business banking unit, where he was responsible for managing
clients' investment portfolios.
According to ICAC, he accepted bribes rated at 20 per cent of the
gross investment gains made by him. These allegedly totalled
around HK$1.5 million.
“UBS Hong Kong has rendered full assistance to the ICAC during
its investigation,” ICAC said in a statement.
This publication has reached out to UBS for comment and will
update coverage accordingly.
