The Hong Kong Independent Commission Against Corruption (ICAC) arrested Tuesday the chairman, three board members and financial controllers of the television maker Skyworth Digital for alleged corruption relating to fraud and pilfering of corporate funds, said the local media Wednesday.

South China Morning Post said that it was alleged that Skyworth's Chairman Stephen Wong Wang-sang misappropriated a "substantial amount" of company funds, with cash payments disguised as consultants' fees or service commissions.

This was done jointly with an executive director and the assistance of the company's financial controller, according to a statement by the ICAC.

In all, 10 arrests were made in the ICAC operation dubbed "Determination." Also arrested was a former accountant accused of accepting bribes and falsifying accounts to assist the company's April 2000 listing on the Hong Kong stock exchange.