A shareholder cum director of a company and her brother, who together had allegedly pledged a company property to a bank by falsely claiming that consent was given by the board of directors, and fraudulently obtained credit facilities totalling $48 millio n, were charged by the ICAC and brought to the Eastern Court this (Saturday) morning.

Wong Hiu-shui, 42, of International Wisdom & Mercy VDA S.A. (IWM), and her businessman brother Wong Fai-tung, 31, faced one holding charge of conspiracy to defraud.

No pleas were taken today. Magistrate Mr Symon Wong adjourned the case to August 10, 2001, and remanded the defendants in the custody of the Correctional Services Department.

The case arose from a corruption investigation alleging that the Wongs might have offered bribes to some bank staff for obtaining loan facilities. Investigations revealed the alleged conspiracy offence.

The charge alleged the defendants of conspiring with others to defraud IWM between January 1, 1999 and July 26, 2001, by dishonestly:

- using a property registered in the name of IWM, situated at 22 Kent Road, Kowloon, as security to the Sin Hua Bank for credit facilities granted to Tacglory Limited (Tacglory) and P&T Motors (China) Limited (P&T);

- falsely representing to the bank that the company had approved the use of the property as security for credit facilities granted to Tacglory and P&T;

- creating minutes of meetings of the board of directors and resolutions of shareholders of the company, purporting approval had been given by the company for the property to be used as security for credit facilities granted to Tacglory and P&T; and

- submitting the said minutes and resolutions to the bank in order for the latter to use the property as security for credit facilities granted to Tacglory and P&T.

The prosecution was today represented by Senior Assistant Director of Public Prosecutions Kevin Zervos, assisted by ICAC officer Choi Shu-keung.