Couple wanted by ICAC for alleged $600m L/C fraud
2001-9-5
The Eastern Court today (Wednesday) issued warrants for the arrest of a couple, who are directors of a trading and investment company, for an alleged $600 million Letters of Credit (L/C) fraud.
On the application of the ICAC, the court also ordered to estreat $50,000 and $30,000, respectively cash bail of Siu Hon, also known as Han Xiao-jin, and his wife Wang Wei-xing, both directors and shareholders of EFD Investment & Trading Hong Kong Company Limited (EFD).
The sureties of Siu and Wang will be summoned to answer the court on the $500,000 recognizance granted to each of the suspects.
Siu and Wang, both 43, were arrested by the ICAC in late last year. The couple were subsequently released on bail, pending further enquiries.
Siu and Wang failed to answer bail in March and June this year respectively.
The ICAC investigation originated from a corruption complaint, alleging that the couple had offered advantages to senior bank staff as rewards for facilitating the L/C fraud.
ICAC enquiries revealed that between 1994 and 1997, Siu and Wang had allegedly conspired with directors of a number of companies controlled by the couple to defraud four banks.
It was alleged that the couple had submitted false documents to apply for more than 90 L/Cs from the banks, purporting that there were genuine business transactions between EFD and the companies.
The couple had allegedly caused the banks to release credit facilities totalling over $600 million to the companies.
Enquiries into the corruption allegation are continuing.
Anyone who has information on their whereabouts or any other information which may lead to their arrests is requested 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 court also ordered to estreat $50,000 and $30,000, respectively cash bail of Siu Hon, also known as Han Xiao-jin, and his wife Wang Wei-xing, both directors and shareholders of EFD Investment & Trading Hong Kong Company Limited (EFD).
The sureties of Siu and Wang will be summoned to answer the court on the $500,000 recognizance granted to each of the suspects.
Siu and Wang, both 43, were arrested by the ICAC in late last year. The couple were subsequently released on bail, pending further enquiries.
Siu and Wang failed to answer bail in March and June this year respectively.
The ICAC investigation originated from a corruption complaint, alleging that the couple had offered advantages to senior bank staff as rewards for facilitating the L/C fraud.
ICAC enquiries revealed that between 1994 and 1997, Siu and Wang had allegedly conspired with directors of a number of companies controlled by the couple to defraud four banks.
It was alleged that the couple had submitted false documents to apply for more than 90 L/Cs from the banks, purporting that there were genuine business transactions between EFD and the companies.
The couple had allegedly caused the banks to release credit facilities totalling over $600 million to the companies.
Enquiries into the corruption allegation are continuing.
Anyone who has information on their whereabouts or any other information which may lead to their arrests is requested to contact the ICAC on its 24-hour hotline 2526 6366. Information received will be treated in the strictest confidence.