Investment boss wanted by ICAC for window company credit fraud
2000-11-9
The court today (Thursday) issued a warrant for the arrest of a company director in connection with a $110 million Letters of Credit (L/C) fraud involving a Mainland's window company in Hong Kong.
On the application of the ICAC, the Eastern Court also ordered the forfeiture of his $200,000 cash bail.
Chan Wai-lam, 38, director of Commercial Power Investment Limited (Commercial Power), was among six persons arrested in an ICAC operation in March this year.
He failed to report bail to the ICAC on October 5 this year.
The remaining five were earlier charged by the ICAC with conspiracy to defraud the Bank of China, the Bank of Communications and the Kwungtung Provincial Bank between May 1997 and October 1998, and were pending trial.
They were said to have used false documents to apply for and execute 27 L/Cs worth $110 million in total from the banks.
The bogus documents purportedly showed that there were business transactions amongst Ultragrace Limited (Ultragrace), Commercial Power, Keep Mount (Holdings) Limited and C&W Development Limited.
Ultragrace is a window company of Sanshui City in Hong Kong.
Anyone who has information on Chan's whereabouts or any other information which may lead to his arrest is urged to contact the ICAC on its 24-hour hotline 2526 6366. Information received will be treated in the strictest confidence.
On the application of the ICAC, the Eastern Court also ordered the forfeiture of his $200,000 cash bail.
Chan Wai-lam, 38, director of Commercial Power Investment Limited (Commercial Power), was among six persons arrested in an ICAC operation in March this year.
He failed to report bail to the ICAC on October 5 this year.
The remaining five were earlier charged by the ICAC with conspiracy to defraud the Bank of China, the Bank of Communications and the Kwungtung Provincial Bank between May 1997 and October 1998, and were pending trial.
They were said to have used false documents to apply for and execute 27 L/Cs worth $110 million in total from the banks.
The bogus documents purportedly showed that there were business transactions amongst Ultragrace Limited (Ultragrace), Commercial Power, Keep Mount (Holdings) Limited and C&W Development Limited.
Ultragrace is a window company of Sanshui City in Hong Kong.
Anyone who has information on Chan's whereabouts or any other information which may lead to his arrest is urged to contact the ICAC on its 24-hour hotline 2526 6366. Information received will be treated in the strictest confidence.