Hong Kong  - A high-profile Hong Kong millionaire businessman has stepped down as chief executive of his family company after being found guilty of groping two male taxi drivers, a news report said Tuesday.

Stephen Gan Fock-wai, known as the "Prince of White Flower Oil" because of his company's health products, was found guilty Friday of indecently assaulting the taxi drivers by fondling their thighs and private parts as they drove him home.

He is to be sentenced on May 2 and could face jail.

After his conviction, the 46-year-old made a public apology, bowing five times to the taxi drivers and his business partners but said he had no plans to resign.

His decision to step down was announced late Monday after a board meeting of his company, Pak Fah Yeow International. However, he is to keep his post as executive director.

The unmarried Gan, who became a celebrity by singing on television advertisements for his company's products, was arrested after a complaint by a 34-year-old taxi driver last year.

Gan denied the offence, but a second driver, 37, came forward to complain of a similar assault in 2003 and said Gan offered him 2,000 Hong Kong dollars (553 US dollars) to have sex with him.

Gan's attorney Lawrence Lok said his client was a closet bisexual and the incidents were a result of his "suppressed lust." (dpa)