Nine held over alleged $93m L/C fraud facilitated by graft
2000-1-16
The ICAC has arrested nine people, including a deputy general manager of Asian Honour International Limited (Asian Honour), a subsidiary company of the Guangnan Holdings Limited, her husband (a businessman) as well as a manager of the same company, for an alleged $93 million Letters of Credit (L/C) fraud facilitated by corruption.
The other six arrested are a deputy general manager and a clerk of Createx International Limited (Createx), a Mainland-funded company in Hong Kong, and directors of four other local trading companies.
They were all arrested in an ICAC operation which commenced on Saturday (January 15). During the operation, 80 ICAC officers were deployed and 15 search warrants were executed.
The alleged scam was uncovered in the course of ICAC ' s earlier investigation into the Guangnan case.
Investigations revealed that the deputy general manager of Createx had allegedly provided documents on bogus business transactions for Asian Honour and the other four trading companies to apply for L/C facilities with 13 banks.
The bogus transactions allegedly concerned the sale and purchase of packaging materials for canned food and vehicle parts. It was believed the amount of bribes were set at 0.1% of the L/C proceeds.
The arrestees will be detained by the ICAC tonight, pending further enquiries.
The other six arrested are a deputy general manager and a clerk of Createx International Limited (Createx), a Mainland-funded company in Hong Kong, and directors of four other local trading companies.
They were all arrested in an ICAC operation which commenced on Saturday (January 15). During the operation, 80 ICAC officers were deployed and 15 search warrants were executed.
The alleged scam was uncovered in the course of ICAC ' s earlier investigation into the Guangnan case.
Investigations revealed that the deputy general manager of Createx had allegedly provided documents on bogus business transactions for Asian Honour and the other four trading companies to apply for L/C facilities with 13 banks.
The bogus transactions allegedly concerned the sale and purchase of packaging materials for canned food and vehicle parts. It was believed the amount of bribes were set at 0.1% of the L/C proceeds.
The arrestees will be detained by the ICAC tonight, pending further enquiries.