Hong Kong’s anti-corruption agency has reported that Derek Chan, a former senior executive of Industrial and Commercial Bank of China (Asia) Limited, a subsidiary of Industrial & Commercial Bank of China Ltd., admitted accepting HK$3.3 million ($424,000) in bribes for assisting a businessman extend the repayment period for a loan.

Mr. Chan, so it has been reported by the Independent Commission Against Corruption, pleaded guilty in the Hong Kong District Court to two counts of accepting advantages. Mr. Chan has been remanded in custody until he is sentenced.