Another man on ICAC wanted list for window company credit fraud
2001-3-15
The San Po Kong Court issued a warrant for the arrest of a director of a Mainland city's window company in Hong Kong after he failed to turn up in court today (Thursday) for an alleged $102 million Letters of Credit (L/C) fraud case.
The court also estreated $200,000 cash bail paid by Li Yu-cheng, a director of Ultragrace Limited (Ultragrace), a window company of Sanshui City, Guangdong Province.
Li, 57, faced three charges of conspiracy to defraud the Bank of China, the Bank of Communications, the Kwangtung Provincial Bank and the Kincheng Banking Corporation between June 1997 and October 1998 by using false documents to apply for a total of 21 L /Cs from the banks.
It was alleged that such documents purportedly showed there were business transactions amongst Ultragrace, Commercial Power Investment Limited (Commercial Power), Keep Mount (Holdings) Limited and C&W Development Limited.
The banks subsequently released credit facilities totalling $102 million to the relevant companies.
He was ordered to appear in court today together with Yu Wai-tung, financial controller of Ultragrace, and Chan Tsz-leung, director of C&W Development.
The case of Yu and Chan had been adjourned to April 20, 2001, pending the preparation of committal papers for High Court proceedings.
Three other men allegedly involved this fraud case had earlier absconded.
Li Runquan, 54, another director of Ultragrace and his son Lai Yu-hong, 27, a director of Commercial Power, who faced a total of five conspiracy offences, failed to appear in court as scheduled earlier this year.
Li Runquan is also a member of the Standing Committee of the Sanshui City government in Guangdong.
Another director of Commercial Power, Chan Wai-lam, 38, while on bail pending ICAC investigation, failed to report to the Commission on October 5 last year.
On ICAC's application, the court had earlier issued warrants for the arrest of the three men and a total of $4 million of cash bail and cash surety relating to their cases had been estreated.
Anyone who has information which may lead to the arrest of the four wanted persons is urged to contact the ICAC on its 24-hour hotline 2526 6366.
Information received will be treated in the strictest confidence.
The court also estreated $200,000 cash bail paid by Li Yu-cheng, a director of Ultragrace Limited (Ultragrace), a window company of Sanshui City, Guangdong Province.
Li, 57, faced three charges of conspiracy to defraud the Bank of China, the Bank of Communications, the Kwangtung Provincial Bank and the Kincheng Banking Corporation between June 1997 and October 1998 by using false documents to apply for a total of 21 L /Cs from the banks.
It was alleged that such documents purportedly showed there were business transactions amongst Ultragrace, Commercial Power Investment Limited (Commercial Power), Keep Mount (Holdings) Limited and C&W Development Limited.
The banks subsequently released credit facilities totalling $102 million to the relevant companies.
He was ordered to appear in court today together with Yu Wai-tung, financial controller of Ultragrace, and Chan Tsz-leung, director of C&W Development.
The case of Yu and Chan had been adjourned to April 20, 2001, pending the preparation of committal papers for High Court proceedings.
Three other men allegedly involved this fraud case had earlier absconded.
Li Runquan, 54, another director of Ultragrace and his son Lai Yu-hong, 27, a director of Commercial Power, who faced a total of five conspiracy offences, failed to appear in court as scheduled earlier this year.
Li Runquan is also a member of the Standing Committee of the Sanshui City government in Guangdong.
Another director of Commercial Power, Chan Wai-lam, 38, while on bail pending ICAC investigation, failed to report to the Commission on October 5 last year.
On ICAC's application, the court had earlier issued warrants for the arrest of the three men and a total of $4 million of cash bail and cash surety relating to their cases had been estreated.
Anyone who has information which may lead to the arrest of the four wanted persons is urged to contact the ICAC on its 24-hour hotline 2526 6366.
Information received will be treated in the strictest confidence.