McDonald's Hong Kong boss guilty of taking kickbacks
The former Hong Kong managing director of fast food giant McDonald's was convicted of taking $320,000 in kickbacks from a supplier, the city's anti-corruption body said.business Updated: Apr 16, 2009 16:32 IST
The former Hong Kong managing director of fast food giant McDonald's was convicted of taking $320,000 in kickbacks from a supplier, the city's anti-corruption body said.
Lau Si-sing was found guilty of taking 2.5 million Hong Kong dollars in bribes from a corn supplier, whom he also asked to lie to investigators, the Independent Commission Against Corruption (ICAC) said.
Lau asked the Thai company, named by the South China Morning Post as Siam Ready, to pay rebates equivalent to 10 per cent of the sales of corn supplied to McDonald's.
The ICAC said the supplier agreed to the payment as he believed that this was how McDonald's did business. Lau gave the firm the contract to supply McDonald's with corn in June 2005.
Over the next two years the money was paid into the bank account of Lau or his wife as McDonald's purchased more than 25 million Hong Kong dollars of goods from the Thai firm, the court heard.
Lau was found guilty on Wednesday on two counts of conspiracy.
First Published: Apr 16, 2009 16:31 IST