Man in court for alleged $31.5m L/C fraud
2015-6-5
A company proprietor appeared in the Eastern Magistracy today (Friday) after being charged by the ICAC with using false commercial invoices to induce five banks to grant 19 Letters of Credit (L/C) facilities worth totalling about $31.5 million to a trading company.
Huang Cheng-chiang, 66, sole proprietor of Simple Electronic Company (SEC), who was charged on Wednesday (June 3), faced 19 charges – five of using a false instrument, contrary to Section 73 of the Crimes Ordinance; and 14 of using a copy of a false instrument, contrary to Section 74 of the Crimes Ordinance.
No plea was taken today. Principal Magistrate Ms Bina Chainrai transferred the case to the District Court for plea on June 26 this year.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, the defendant was the sole proprietor of SEC.
Five of the charges alleged that the defendant used five commercial invoices issued by SEC, which he knew or believed to be false, with the intention of inducing two banks to accept them as genuine .
The remaining charges alleged that the defendant used 14 copies of commercial invoices issued by SEC, which he knew or believed to be false, with the intention of inducing three other banks to accept them as copies of genuine commercial invoices.
As a result, the five banks were said to have been induced to grant L/C facilities worth totalling about $31.5 million to the trading company.
The above alleged offences took place between November 2005 and September 2008.
The defendant was granted cash bail of $100,000. He was ordered to surrender his travel documents and not to leave Hong Kong.
The prosecution was today represented by ICAC officer Calvin Hung.
Huang Cheng-chiang, 66, sole proprietor of Simple Electronic Company (SEC), who was charged on Wednesday (June 3), faced 19 charges – five of using a false instrument, contrary to Section 73 of the Crimes Ordinance; and 14 of using a copy of a false instrument, contrary to Section 74 of the Crimes Ordinance.
No plea was taken today. Principal Magistrate Ms Bina Chainrai transferred the case to the District Court for plea on June 26 this year.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, the defendant was the sole proprietor of SEC.
Five of the charges alleged that the defendant used five commercial invoices issued by SEC, which he knew or believed to be false, with the intention of inducing two banks to accept them as genuine .
The remaining charges alleged that the defendant used 14 copies of commercial invoices issued by SEC, which he knew or believed to be false, with the intention of inducing three other banks to accept them as copies of genuine commercial invoices.
As a result, the five banks were said to have been induced to grant L/C facilities worth totalling about $31.5 million to the trading company.
The above alleged offences took place between November 2005 and September 2008.
The defendant was granted cash bail of $100,000. He was ordered to surrender his travel documents and not to leave Hong Kong.
The prosecution was today represented by ICAC officer Calvin Hung.