ICAC charges ex-Greentown China chair for allegedly accepting bribes

The Independent Commission Against Corruption (ICAC) has prosecuted Zhang Yadong, former chairman of listed company Greentown China, for allegedly accepting HK$20 million in bribes to facilitate the acquisition of a property project in Dalian.

The 58-year-old defendant, Zhang Yadong, is the former chairman of Greentown China Holdings Limited. In June, Greentown China issued an announcement stating that the ICAC had searched its primary office premises in Hong Kong.

The ICAC stated that between 2020 and 2023, the defendant allegedly conspired with his son, an intermediary, and others to accept a HK$20 million bribe from a shareholder of a Dalian property developer, enabling Greentown China to acquire an equity stake in that developer.

Investigations revealed that the shareholder involved had been pitching a Dalian real estate project to Greentown China since 2019. The defendant subsequently allegedly solicited bribes from the shareholder via the intermediary to facilitate Greentown China's acquisition of the project. The bribe money was allegedly deposited into the defendant's son's bank account in multiple installments through the intermediary.