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Two certified public accountants and others were charged by the Independent Commission Against Corruption (ICAC) with conspiracy to defraud by submitting a misleading accountants’ report to Hong Kong Exchanges and Clearing Limited to portray an inflated business outlook of a Macao-based construction company to secure its listing in Hong Kong. They were also suspected of conspiring with their relatives to conceal their identities when subscribing for shares of the construction company during the initial public offering. 

The AFRC takes the allegations outlined in the ICAC’s statement seriously.  As Hong Kong’s accounting regulator, the AFRC expects accountants to uphold integrity under the Code of Ethics for Professional Accountants. The AFRC is committed to maintaining public trust in the profession and will not hesitate to take regulatory actions to hold the professional accountants accountable for breaching ethical standards and regulatory requirements.

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