Korean businessman Chin Soon-yong was today convicted at Eastern Magistracy for bribing an HSBC manager for helping him redeem a US$50 billion gold bullion deposit certificate.

Chin, 64, was found guilty of one count of offering an advantage to an agent and one of using a copy of a false instrument. Magistrate Henry Mierczak adjourned sentencing to October 15, pending a medical report.

Chin was the chairman-cum-director of PK Trading Corporation which was engaged in the trading of electronic components in Hong Kong, the Philippines and the US.

On May 21 he showed an assistant bank manager at HSBC's head office a copy of a gold bullion deposit certificate worth US$50 billion, in the name of another person.

He claimed that upon redeeming the certificate he would deposit the proceeds into a newly opened bank account with HSBC in his company name. He left the copy of the certificate with the assistant manager and told her if she helped him he would share a portion of the proceeds with her.

The assistant manager reported the matter to her supervisor. It was later confirmed the copy of the certificate was false.

When the defendant returned the next day he told the assistant manager he would give the bank 5% of the proceeds and share a portion of the money with her personally if she successfully helped him.

He was arrested by Police and the case was referred to the Independent Commission Against Corruption.