Ex-loan officer gets two years for embezzlement
2000-7-17
A former loan officer of a Japanese bank operating in Hong Kong was jailed for two years at District Court today (Monday) for embezzling about $694,000 which were loan payments collected from clients.
Leung Tze-kin, 27, formerly employed by ORIX Asia Limited (ORIX) as credit control officer, earlier pleaded guilty to eight theft charges.
Judge Davies said an immediate custodial sentence was imposed as the offences constituted a serious breach of trust. The judge added that he had already taken into account the defendant's guilty plea.
The scam was revealed in an ICAC investigation into an allegation that a former loan officer of a restricted licensed bank might have offered bribes to his supervisor and other staff to cover up his fraudulent activities.
ORIX operates in Hong Kong as a restricted licensed bank, which mainly engages in lending money to clients for the purchase of motor vehicles and the funding of business equipment and private ventures.
The court heard that while being employed by ORIX, Leung was responsible for liaising with clients who failed to repay loans according to the agreed schedule and negotiating with them repayment terms. He also collected cash or cheques from clients which were arrear loan payments.
Leung had stolen loan payments - $550,475 in cash and $143,556 in cheques - handed to him by customers to settle their debts with the bank between November 30, 1994 and May 4, 1998.
The prosecution was today represented by Senior Government Counsel Prakash Daryanani, assisted by ICAC officer Fred Simmons.
Leung Tze-kin, 27, formerly employed by ORIX Asia Limited (ORIX) as credit control officer, earlier pleaded guilty to eight theft charges.
Judge Davies said an immediate custodial sentence was imposed as the offences constituted a serious breach of trust. The judge added that he had already taken into account the defendant's guilty plea.
The scam was revealed in an ICAC investigation into an allegation that a former loan officer of a restricted licensed bank might have offered bribes to his supervisor and other staff to cover up his fraudulent activities.
ORIX operates in Hong Kong as a restricted licensed bank, which mainly engages in lending money to clients for the purchase of motor vehicles and the funding of business equipment and private ventures.
The court heard that while being employed by ORIX, Leung was responsible for liaising with clients who failed to repay loans according to the agreed schedule and negotiating with them repayment terms. He also collected cash or cheques from clients which were arrear loan payments.
Leung had stolen loan payments - $550,475 in cash and $143,556 in cheques - handed to him by customers to settle their debts with the bank between November 30, 1994 and May 4, 1998.
The prosecution was today represented by Senior Government Counsel Prakash Daryanani, assisted by ICAC officer Fred Simmons.