Ex-financial controller jailed for 3 years for $70m window company credit fraud
2002-5-17
A former financial controller of a Mainland city's window company in Hong Kong was today (Friday) sentenced to three years' imprisonment at the Court of First Instance for a $70 million Letters of Credit (L/C) fraud.
Yu Wai-tung, 44, formerly employed by Ultragrace Limited (Ultragrace), was today found guilty by a jury on two counts of conspiracy to defraud. Ultragrace is a window company of Sanshui City, Guangdong Province.
Madam Justice Esther Toh said the ICAC prosecution team deserved commendation for their professional presentation of evidence during the trial.
The judge said the way the case was presented and documentary exhibits handled was the most exceptional one that she had ever seen.
Yu had conspired with Chan Wai-lam, Li Yucheng, Li Runquan, Lai Yu-hong, Chan Tsz-leung and others to defraud the Kwangtung Provincial Bank, the Bank of Communications and the Bank of China.
Between October 1997 and October 1998, they had used false documents to apply for a total of 18 L/Cs from the banks.
Such documents purportedly showed there were business transactions amongst Ultragrace, Commercial Power Investment Limited, and C&W Development Limited.
The banks subsequently released credit facilities totalling $71,598,647 to the relevant companies.
The prosecution was today represented by Nicholas Adams on a fiat, assisted by ICAC officer Ken Ho.
Yu Wai-tung, 44, formerly employed by Ultragrace Limited (Ultragrace), was today found guilty by a jury on two counts of conspiracy to defraud. Ultragrace is a window company of Sanshui City, Guangdong Province.
Madam Justice Esther Toh said the ICAC prosecution team deserved commendation for their professional presentation of evidence during the trial.
The judge said the way the case was presented and documentary exhibits handled was the most exceptional one that she had ever seen.
Yu had conspired with Chan Wai-lam, Li Yucheng, Li Runquan, Lai Yu-hong, Chan Tsz-leung and others to defraud the Kwangtung Provincial Bank, the Bank of Communications and the Bank of China.
Between October 1997 and October 1998, they had used false documents to apply for a total of 18 L/Cs from the banks.
Such documents purportedly showed there were business transactions amongst Ultragrace, Commercial Power Investment Limited, and C&W Development Limited.
The banks subsequently released credit facilities totalling $71,598,647 to the relevant companies.
The prosecution was today represented by Nicholas Adams on a fiat, assisted by ICAC officer Ken Ho.