Oxley Holdings denies CEO’s involvement in Venice corruption probe

Oxley Holdings Limited (OHL) issued a statement to shareholders on Monday (29 July) addressing recent media reports regarding its CEO, Mr Ching Chiat Kwong, and his alleged involvement in a corruption investigation in Venice, Italy.

Gutzy Asia had reported Mr Ching’s involvement in a corruption investigation involving Venetian public officials on 24 July 2024, which had been previously reported by Italian media.

OHL noted that the Board was informed of these allegations on the same day the article was published and that Mr Ching also became aware of them on 24 July 2024.

Investigation Details

According to Mr Ching’s lawyer, the investigation by the Venice Public Prosecutor’s Office began in November 2021, following a complaint filed by Claudio Vanin. Under Italian law, such investigations are conducted in secrecy, meaning Mr Ching was unaware of the investigation until he was informed via the Gutzy Asia article. Upon learning of the investigation, Mr Ching consulted with his manager in Italy and was briefed by his legal team based on the case files.

Legal Position and Clarifications

Mr Ching’s lawyer has confirmed that no precautionary measures restricting Mr Ching’s personal liberty have been requested or ordered by the Court of Venice. Additionally, no individuals have been arrested in connection with the Pili Land negotiations or the purchase of Palazzo Dona and Palazzo Papadopoli. The arrests of Venetian public administrators reported in the press are unrelated to Mr Ching’s investment activities.

Mr Ching further clarified that he visited Florence in November 2022 to receive the Special Ambassador Asia title from the President of Tuscany without any incident, underscoring his ongoing freedom of movement in Italy.

Oxley Holdings’ Response

Upon becoming aware of the allegations, Oxley Holdings swiftly gathered information and issued a clarification announcement on 24 July 2024. The company reiterated that no person has been arrested in connection with Mr Ching’s investment activities in Venice. They emphasized that the ongoing investigation has not led to any personal restrictions against Mr Ching in Italy.

Background of Allegations

The allegations against Mr Ching relate to his purchase of Palazzo Dona and Palazzo Papadopoli, as well as his consideration of developing Pili Land.

Reports suggested that Venice Mayor Luigi Brugnaro and his aides were being investigated for allegedly ensuring project approvals for Mr Ching in exchange for kickbacks.

However, Oxley Holdings clarified that the allegations stem from a complaint by Claudio Vanin, who accused Mr Ching of making agreements with the Venice mayor to secure favourable conditions for the purchase of the properties.

Mr Ching has stated that the development of Pili Land was deemed commercially unviable following a feasibility study, and no further steps were taken. The purchases of Palazzo Dona and Palazzo Papadopoli were personal investments carried out in his personal capacity.

Oxley Holdings assured stakeholders that they would make further announcements regarding the investigation as and when appropriate, ensuring transparency and keeping the public informed about any developments.

The Board of Directors of Oxley Holdings expressed their confidence in Mr Ching’s integrity and continues to monitor the situation closely.