The District Court has issued a warrant for the arrest of former Semtech International Holdings Chairman Derek Wong who failed to appear in court. He was found guilty of two corruption offences over a share placement of Semtech today.

Co-defendants Earnest Leung, former senior director of American Express Bank, and Yung Ka-tim, former divisional managing director of VC Brokerage, were each found guilty of one count of accepting an advantage as an agent. The judge adjourned the case to tomorrow for mitigation.

Wong was found guilty on one count of offering $400,000 to Leung on July 9, 2004, as a reward for showing or having shown favour to Wong in relation to AE Bank's affairs or business relating to the purchase of Semtech shares.

Wong was further convicted of offering a sum of money to Yung on June 10, 2004, as reward for showing or having shown favour to Wong in relation to VC Brokerage's affairs or business relating to the purchase of shares of Semtech.

Leung and Yung were each found guilty on one count of accepting $400,000 and a sum of money from Wong for the same reason.

Anyone who has information on Wong's whereabouts should call 2526 6366.