Company manager wanted by ICAC for alleged $17m L/C fraud
2002-1-2
The District Court today (Wednesday) issued a warrant for the arrest of a company manager charged by the ICAC for allegedly deceiving a local bank out of $17 million in Letters of Credit (L/C).
Kuang Shou-neng, 54, manager of High Point Group (Far East) Limited (High Point) in Hong Kong, failed to appear in court this morning.
High Point is a subsidiary of High Point Electronic Group in Xinhui, Guangdong, and Kuang operated the local subsidiary.
Between December 1996 and November 1998, Kuang, a Mainland resident, was alleged to have applied to the Sin Hua Bank for L/Cs, worth totalling $17 million, on behalf of High Point on 11 occasions.
It was alleged that such L/C applications were supported by bogus documents, and Kuang was said to have made false entries in the company's accounting records.
Kuang, arrested by the ICAC in Hong Kong in March 2001, was charged with 11 counts of false accounting. He pleaded not guilty in October last year and was scheduled to face trial today.
Anyone who has information on Kuang's whereabouts or any other information which may lead to his arrest is requested to contact the ICAC on its 24-hour hotline 2526 6366. Information received will be treated in the strictest confidence.
Kuang Shou-neng, 54, manager of High Point Group (Far East) Limited (High Point) in Hong Kong, failed to appear in court this morning.
High Point is a subsidiary of High Point Electronic Group in Xinhui, Guangdong, and Kuang operated the local subsidiary.
Between December 1996 and November 1998, Kuang, a Mainland resident, was alleged to have applied to the Sin Hua Bank for L/Cs, worth totalling $17 million, on behalf of High Point on 11 occasions.
It was alleged that such L/C applications were supported by bogus documents, and Kuang was said to have made false entries in the company's accounting records.
Kuang, arrested by the ICAC in Hong Kong in March 2001, was charged with 11 counts of false accounting. He pleaded not guilty in October last year and was scheduled to face trial today.
Anyone who has information on Kuang's whereabouts or any other information which may lead to his arrest is requested to contact the ICAC on its 24-hour hotline 2526 6366. Information received will be treated in the strictest confidence.