$1m bail money forfeited from abscondee in Guangnan case
2002-1-29
The Court of First Instance today (Tuesday) ordered to forfeit $500,000 cash bail and $500,000 surety from a woman wanted by the ICAC to face trial over an alleged $134 million Letters of Credit (L/C) fraud involving Guangnan (Holdings) Limited (Guangnan) .
While the cash bail was forfeited with immediate effect, Mr Justice Tong ordered the surety of $500,000 be paid in 10 instalments.
Kam Lan-ying, 59, director of Highdone Company Limited (Highdone), was charged together with Lam Nim-kin, 53, company secretary of Highdone, with seven counts of conspiracy to defraud.
Kam was granted bail in $500,000 cash and $500,000 in surety, and ordered to report bail to the police three times a week.
Kam failed to answer court in December last year after failing to report bail to the police. A warrant was subsequently issued for the arrest of Kam.
The Department of Justice earlier filed an application on behalf of the ICAC for the forfeiture.
Kam and Lam were alleged to have conspired with Li Min, Li Luen-ping and others to defraud five banks between May 1997 and December 1998.
They were accused to have dishonestly caused Guangnan and Shun Wing Trading Limited (Shun Wing), a subsidiary of Guangnan, to apply and utilize credit facilities from the banks under seven L/Cs by submitting false documents to the banks.
Such false documents were said to have purportedly evidenced that Highdone had sold rice and palm oil to Shun Wing.
The alleged scam was said to have caused the banks to release about $134 million in total to Highdone under the L/Cs.
Kam is among 26 persons wanted by the ICAC for a series of corruption facilitated credit scams in relation to Guangnan and its subsidiaries, involving $1.8 billion worth of L/Cs in total.
Anyone who has information on Kam’s whereabouts or any other information which may lead to her arrest is requested to contact the ICAC on its 24-hour hotline 2526 6366. Information received will be treated in the strictest confidence.
While the cash bail was forfeited with immediate effect, Mr Justice Tong ordered the surety of $500,000 be paid in 10 instalments.
Kam Lan-ying, 59, director of Highdone Company Limited (Highdone), was charged together with Lam Nim-kin, 53, company secretary of Highdone, with seven counts of conspiracy to defraud.
Kam was granted bail in $500,000 cash and $500,000 in surety, and ordered to report bail to the police three times a week.
Kam failed to answer court in December last year after failing to report bail to the police. A warrant was subsequently issued for the arrest of Kam.
The Department of Justice earlier filed an application on behalf of the ICAC for the forfeiture.
Kam and Lam were alleged to have conspired with Li Min, Li Luen-ping and others to defraud five banks between May 1997 and December 1998.
They were accused to have dishonestly caused Guangnan and Shun Wing Trading Limited (Shun Wing), a subsidiary of Guangnan, to apply and utilize credit facilities from the banks under seven L/Cs by submitting false documents to the banks.
Such false documents were said to have purportedly evidenced that Highdone had sold rice and palm oil to Shun Wing.
The alleged scam was said to have caused the banks to release about $134 million in total to Highdone under the L/Cs.
Kam is among 26 persons wanted by the ICAC for a series of corruption facilitated credit scams in relation to Guangnan and its subsidiaries, involving $1.8 billion worth of L/Cs in total.
Anyone who has information on Kam’s whereabouts or any other information which may lead to her arrest is requested to contact the ICAC on its 24-hour hotline 2526 6366. Information received will be treated in the strictest confidence.