Alleged $515m land fraud involving Agricultural Bank of China further adjourned
2001-7-9
Three directors of an investment company and a TV artiste, charged by the ICAC for allegedly defrauding the Agricultural Bank of China in Guangdong Province in a $515 million land deal, had their case further adjourned when they appeared at the Court of F irst Instance today (Monday).
Wong Shiu-wai, 63, Leung Hiu-ling, 39, and Mickey Wong Hing-hang, 37, all Directors of Asiagreat Ltd. (Asiagreat), and TV artiste Elsie Chan Yik-zee, 31, faced a joint charge of conspiring to defraud.
Mr Justice Jackson adjourned the case to next Monday (July 16). Apart from Leung Hiu-ling who is currently serving a three-year prison term in relation to a separate case, Wong Shiu-wai, Wong Hing-hang and Chan Yik-zee were each granted cash bail ranging from $300,000 to $1.5 million.
The defendants were alleged to have conspired with Chio Ho-cheong, also known as Chan Kai-kit, Director of Peconic Limited (Peconic), to defraud the Agricultural Bank of China (the Bank), Star Glory Investment Limited (Star Glory), and Peconic, between Ma y 1991 and March 1993, by dishonestly:
i. causing and permitting Asiagreat to purchase 20 parcels of land in Mai Po at a total consideration of about $150 million;
ii. causing and inducing Peconic to purchase the land at inflated prices from Asiagreat as the vendor or the confirmor;
iii. causing the Bank to release about $515 million to Star Glory which in turn released the money to Asiagreat to purchase the land;
iv. representing to Peconic that the $515 million purchase price was a fair market price, knowing that a price difference of about $364 million would be channelled to the four defendants, Chio and others; and
v. refraining from disclosing to the Bank, Star Glory and Peconic that Asiagreat was under the control of the four defendants and Chio.
Meanwhile, the ICAC is looking for a key witness in the case, Chen Jun Yi, former branch manager of the Agricultural Bank of China, Foshan Branch.
Anyone who has information on the whereabouts of Chen, with whom the ICAC has lost contact, is welcomed to inform the ICAC on its 24-hour hotline 2526 6366.
Wong Shiu-wai, 63, Leung Hiu-ling, 39, and Mickey Wong Hing-hang, 37, all Directors of Asiagreat Ltd. (Asiagreat), and TV artiste Elsie Chan Yik-zee, 31, faced a joint charge of conspiring to defraud.
Mr Justice Jackson adjourned the case to next Monday (July 16). Apart from Leung Hiu-ling who is currently serving a three-year prison term in relation to a separate case, Wong Shiu-wai, Wong Hing-hang and Chan Yik-zee were each granted cash bail ranging from $300,000 to $1.5 million.
The defendants were alleged to have conspired with Chio Ho-cheong, also known as Chan Kai-kit, Director of Peconic Limited (Peconic), to defraud the Agricultural Bank of China (the Bank), Star Glory Investment Limited (Star Glory), and Peconic, between Ma y 1991 and March 1993, by dishonestly:
i. causing and permitting Asiagreat to purchase 20 parcels of land in Mai Po at a total consideration of about $150 million;
ii. causing and inducing Peconic to purchase the land at inflated prices from Asiagreat as the vendor or the confirmor;
iii. causing the Bank to release about $515 million to Star Glory which in turn released the money to Asiagreat to purchase the land;
iv. representing to Peconic that the $515 million purchase price was a fair market price, knowing that a price difference of about $364 million would be channelled to the four defendants, Chio and others; and
v. refraining from disclosing to the Bank, Star Glory and Peconic that Asiagreat was under the control of the four defendants and Chio.
Meanwhile, the ICAC is looking for a key witness in the case, Chen Jun Yi, former branch manager of the Agricultural Bank of China, Foshan Branch.
Anyone who has information on the whereabouts of Chen, with whom the ICAC has lost contact, is welcomed to inform the ICAC on its 24-hour hotline 2526 6366.