CFA upholds convictions in multi-million-dollar financial fraud
2001-10-29
The Court of Final Appeal (CFA) today (Monday) unanimously dismissed the appeals of an ex-bank chief and two company directors convicted in a $15 million worth Letters of Credit (L/Cs) fraud case.
Wong Siu-leung (45) and Yip Wai (50), both directors of Cosmos Manor Development Limited, were immediately sent to jail to serve their nine-month prison terms following the CFA's ruling. They were earlier granted bail, pending the appeals.
Chiu Yu-man (40), former vice-president of Bank of America (Asia) Limited (BOA), had served out his jail sentence of two years and nine months.
The appeals were considered by Chief Justice Li Kwok-nang, Mr Justice Bokhary, Mr Justice Chan, Mr Justice Nazareth and Sir Gerard Brennan of the CFA.
The trio had appealed to the Court of Appeal in August last year. After failing to have their convictions overturned, they further took the case to the CFA.
The three appellants, together with four others, were charged by the ICAC and convicted at District Court in November 1999 of conspiracy to dishonestly procure from BOA and Dao Heng Bank Limited to issue L/Cs totalling $14.7 million between November 1995 and May 1996.
They had falsely represented that information in the applications for such L/Cs were true and related to genuine business contracts.
In sentencing the seven defendants, the District Court judge said a deterrent sentence of custodial imprisonment was necessary to send a clear and loud message to the business community and the public that such crimes were not to be tolerated in Hong Kong .
The judge also noted that the investigation and prosecution of such financial fraud cases were very difficult tasks, and commended the ICAC for their professional and meticulous presentation of evidence on numerous complicated bank enquiries which had fac ilitated the court's examination of the case.
The other four defendants were given various prison terms and suspended jail sentence for their roles in the L/C fraud.
Wong Siu-leung (45) and Yip Wai (50), both directors of Cosmos Manor Development Limited, were immediately sent to jail to serve their nine-month prison terms following the CFA's ruling. They were earlier granted bail, pending the appeals.
Chiu Yu-man (40), former vice-president of Bank of America (Asia) Limited (BOA), had served out his jail sentence of two years and nine months.
The appeals were considered by Chief Justice Li Kwok-nang, Mr Justice Bokhary, Mr Justice Chan, Mr Justice Nazareth and Sir Gerard Brennan of the CFA.
The trio had appealed to the Court of Appeal in August last year. After failing to have their convictions overturned, they further took the case to the CFA.
The three appellants, together with four others, were charged by the ICAC and convicted at District Court in November 1999 of conspiracy to dishonestly procure from BOA and Dao Heng Bank Limited to issue L/Cs totalling $14.7 million between November 1995 and May 1996.
They had falsely represented that information in the applications for such L/Cs were true and related to genuine business contracts.
In sentencing the seven defendants, the District Court judge said a deterrent sentence of custodial imprisonment was necessary to send a clear and loud message to the business community and the public that such crimes were not to be tolerated in Hong Kong .
The judge also noted that the investigation and prosecution of such financial fraud cases were very difficult tasks, and commended the ICAC for their professional and meticulous presentation of evidence on numerous complicated bank enquiries which had fac ilitated the court's examination of the case.
The other four defendants were given various prison terms and suspended jail sentence for their roles in the L/C fraud.