The Independent Commission Against Corruption has arrested 22 people, including the chairmen of two publicly listed companies, for alleged corruption over misappropriation of listed companies' funds.

The other 20 people include a financial controller, two executive directors, 14 employees and associates of the two chairmen and three suspected underground remitters.

The arrested chairmen, financial controller and executive directors were suspected to have offered advantages to a corporate finance company director to help create false investment transactions.

False transactions cover up funds' misappropriation

The alleged false transactions were used to cover up the misappropriation of corporate funds and mislead the  two listed companies' boards of directors.

The funds are suspected to have been disbursed under the guise of investment projects purportedly taking place in the Mainland.

The arrested employees and associates were suspected to have played a role in the scam.