Duo face additional charges over alleged $48m credit fraud
2001-11-2
A woman and her brother, charged by the ICAC in connection with an alleged fraudulent scheme to obtain bank credit facilities totalling $48 million, were laid with five additional charges when they appeared at Eastern Court today (Friday).
It was alleged that the two had conspired to deceive the board of directors of International Wisdom & Mercy VDA S.A. (IWM) by pledging an IWM property to the bank in order to obtain the credit facilities, and made false representation to the bank that the company consented to do so.
Wong Hiu-shui, 42, shareholder of IWM, and her businessman brother Wong Fai-tung, 31, faced five additional charges of conspiracy to defraud, deception, forgery and using false instruments.
No pleas were taken. The case was today committed to the Court of First Instance for trial at a date to be fixed.
Magistrate Mr Alan Wyeth granted the defendants bails in cash and cash sureties, and ordered them to surrender their travel documents.
One of the charges alleged the Wongs of conspiring to defraud Sin Hua Bank Limited (Sin Hua Bank) by dishonestly:
- using a property registered in the name of IWM, situated at 22 Kent Road, Kowloon, as security to the bank for credit facilities granted to Tacglory Limited (Tacglory) and / or 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 / or 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 / or 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 / or P&T.
Two other charges alleged the defendants of procuring from Sin Hua Bank the execution of a valuable security, namely a mortgage dated March 1, 1999 between the bank as mortgagee and IWM as mortgagor with Tacglory and P&T as borrowers by deception.
The defendants were said to have falsely represented that consent was given by IWM to them for using the property as security.
They also faced one charge of making false meeting minutes, resolutions and declarations of IWM, and one of using such false documents.
The defendants were earlier charged with one count of conspiring to defraud IWM.
The alleged offences took place between November 1, 1998 and July 26, 2001.
The prosecution was today represented by Senior Government Counsel Alex Lee, assisted by ICAC officer Choi Shu-keung.
It was alleged that the two had conspired to deceive the board of directors of International Wisdom & Mercy VDA S.A. (IWM) by pledging an IWM property to the bank in order to obtain the credit facilities, and made false representation to the bank that the company consented to do so.
Wong Hiu-shui, 42, shareholder of IWM, and her businessman brother Wong Fai-tung, 31, faced five additional charges of conspiracy to defraud, deception, forgery and using false instruments.
No pleas were taken. The case was today committed to the Court of First Instance for trial at a date to be fixed.
Magistrate Mr Alan Wyeth granted the defendants bails in cash and cash sureties, and ordered them to surrender their travel documents.
One of the charges alleged the Wongs of conspiring to defraud Sin Hua Bank Limited (Sin Hua Bank) by dishonestly:
- using a property registered in the name of IWM, situated at 22 Kent Road, Kowloon, as security to the bank for credit facilities granted to Tacglory Limited (Tacglory) and / or 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 / or 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 / or 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 / or P&T.
Two other charges alleged the defendants of procuring from Sin Hua Bank the execution of a valuable security, namely a mortgage dated March 1, 1999 between the bank as mortgagee and IWM as mortgagor with Tacglory and P&T as borrowers by deception.
The defendants were said to have falsely represented that consent was given by IWM to them for using the property as security.
They also faced one charge of making false meeting minutes, resolutions and declarations of IWM, and one of using such false documents.
The defendants were earlier charged with one count of conspiring to defraud IWM.
The alleged offences took place between November 1, 1998 and July 26, 2001.
The prosecution was today represented by Senior Government Counsel Alex Lee, assisted by ICAC officer Choi Shu-keung.