It has been reported that the head of commercial banking at ICBC’s Hong Kong retail banking subsidiary has been charged by the Independent Commission Against Corruption with accepting HK$3.3 million worth of bribes from a customer for extending due dates on loans. Derick Chan Po- Fui, who has worked at the Hong Kong-listed subsidiary ICBC (Asia) since 2007, was arrested for allegedly accepting the bribes from local businessman Zeng Wei. Chan Yick-yiu, ICBC (Asia)’s former head of real estate and finance, was also charged with accepting HK$2.5 million from Zeng in return for helping him prepare loan applications. Zeng, who owns United Win Holdings, was charged with offering an advantage to an agent. It is reported that the ICAC said in a statement that ICBC (Asia) was assisting with the investigation. Court documents prepared by the ICAC allege that Derick Chan accepted two payments, one of HK$2.3 million and another of HK$1 million from Zeng. Chan Yick-yui is also charged with receiving two payments, one of HK$500,000 and another of HK$2 million. The magistrate granted Derick Chan and Chan Yickyiu cash bail of HK$500,000 each, while Zeng Wei was granted HK$800,000 cash bail. The three defendants were ordered not to leave Hong Kong and to surrender their travel documents. The case was adjourned until November 18.