Two men have admitted their roles in a bribery scam involving share purchases in Kwong Hing International Holdings.

Louis Lin, 36, a former SBI E2-Capital China Holdings director, and Adrian Foo, 35, a former ING Investment Management Asia Pacific fund manager pleaded guilty today in the District Court to a joint charge of conspiracy to offer advantages to an agent. Lin further pleaded guilty to a similar offence, while Foo admitted another count of accepting an advantage as an agent.

The court heard that on four occasions between July 2003 and February last year, they conspired with a SBI E2-Capital senior vice president to offer $2.39 million to Foo. The bribes were rewards for Foo to cause ING to purchase 15 million shares of Kwong Hing, and hold the shares for six months. After receiving the bribes, the SBI E2-Capital senior vice president shared the money with Lin and Foo.

The court also heard that Lin conspired with the SBI E2-Capital senior vice president to offer advantages to a UBS AG former executive director for promoting Kwong Hing shares.

The advantages were equivalent to the difference between the market price and $1.08 per share for 10 million Kwong Hing shares. Foo accepted $1 million from the SBI E2-Capital senior vice president for causing ING to purchase 18 million shares of another listed company - LeRoi Holdings.

Judge Fergal Sweeney adjourned sentencing and remanded the pair in custody.