Fireman charged by ICAC sentenced for $300,000 loan fraud
2023-7-24
A Fireman, charged by the ICAC, was today (July 24) sentenced to 200 hours of community service at the Shatin Magistrates’ Courts for deceiving a financial institution into granting him a loan of $300,000 by not making full disclosure of his outstanding loans. The offence was revealed in the course of a corruption investigation by the ICAC.
Lee Lit-fung, 27, pleaded guilty on July 10, 2023 to one count of fraud, contrary to section 16A of the Theft Ordinance. He was remanded in the custody of the Correctional Services Department until today.
In sentencing, Acting Principal Magistrate Mr Cheang Kei-hong said a community service order was imposed on the defendant, having considered his guilty plea, remorse and other mitigating factors.
The court heard that in late April 2021, the defendant applied for a loan of $400,000 with Public Finance Limited (Public Finance) and declared on the application form that he only had two outstanding loans totalling over $130,000. Public Finance subsequently granted a loan of $300,000 to the defendant.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant actually did not make full disclosure of his outstanding loans to Public Finance, which included two outstanding loans totalling about $180,000 granted by a bank and another financial institution respectively.
The defendant not only made a false representation to Public Finance that the information in the loan application form was true and complete, he also falsely represented that he had no other outstanding loans except those declared in the form. Had Public Finance known that the defendant had undisclosed outstanding loans, or that the information provided in the loan application form was not true and complete, it would not have granted the loan of $300,000 to him.
Public Finance had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by ICAC officer Sandy Leung.
The ICAC has been working closely with government departments, through education and publicity, to remind civil servants to uphold honesty and integrity, abide by the law and regulations at all times, and maintain the good reputation of the civil service.
Lee Lit-fung, 27, pleaded guilty on July 10, 2023 to one count of fraud, contrary to section 16A of the Theft Ordinance. He was remanded in the custody of the Correctional Services Department until today.
In sentencing, Acting Principal Magistrate Mr Cheang Kei-hong said a community service order was imposed on the defendant, having considered his guilty plea, remorse and other mitigating factors.
The court heard that in late April 2021, the defendant applied for a loan of $400,000 with Public Finance Limited (Public Finance) and declared on the application form that he only had two outstanding loans totalling over $130,000. Public Finance subsequently granted a loan of $300,000 to the defendant.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that the defendant actually did not make full disclosure of his outstanding loans to Public Finance, which included two outstanding loans totalling about $180,000 granted by a bank and another financial institution respectively.
The defendant not only made a false representation to Public Finance that the information in the loan application form was true and complete, he also falsely represented that he had no other outstanding loans except those declared in the form. Had Public Finance known that the defendant had undisclosed outstanding loans, or that the information provided in the loan application form was not true and complete, it would not have granted the loan of $300,000 to him.
Public Finance had rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by ICAC officer Sandy Leung.
The ICAC has been working closely with government departments, through education and publicity, to remind civil servants to uphold honesty and integrity, abide by the law and regulations at all times, and maintain the good reputation of the civil service.