Couple faces court for allegedly deceiving $53m bank loans
2003-4-2
Two former shareholders of a privately run education group, charged by the ICAC for allegedly obtaining bank loans totalling $53 million with a fraudulent business plan, appeared in Eastern Magistracy today (Wednesday).
Chow Kut-fu, 46, and his wife Cheung Ying-kwan, 42, both former shareholders of Quality Education Group Limited (QEG), faced four joint charges of procuring the making of an entry in a bank record by deception.
No pleas were taken. Magistrate Mr David Dufton adjourned the case until April 22, 2003 for pleas at District Court.
The case arose from a corruption complaint, and the alleged deception offences were uncovered during subsequent investigations.
The charges alleged that Chow and Cheung had procured the making of entries in records of Standard Chartered Bank, Fortis Bank Asia HK and Hang Seng Bank Limited, namely total deposit entries of $53.2 million to the accounts of QEG or Chow, by deception.
The defendants were alleged to have falsely represented that Central Light Investment Limited (Central Light) had received payments in the forms of "development fee" and "commission" from Western Africa Enterprises Limited (Western Africa) and Harry G Hen neman.
Such "development fee" and "commission" were said to have been paid to Western Africa and Henneman by overseas universities.
ICAC investigations alleged that Central Light was a British Virgin Islands-registered subsidiary of QEG, while Western Africa was a garment company controlled by Chow's sister.
The alleged offences took place between June 1 and 7, 2000.
The defendants were each granted cash bail of $50,000, and ordered not to interfere with prosecution witnesses.
The prosecution was today represented by ICAC officer Sarah Lau.
Chow Kut-fu, 46, and his wife Cheung Ying-kwan, 42, both former shareholders of Quality Education Group Limited (QEG), faced four joint charges of procuring the making of an entry in a bank record by deception.
No pleas were taken. Magistrate Mr David Dufton adjourned the case until April 22, 2003 for pleas at District Court.
The case arose from a corruption complaint, and the alleged deception offences were uncovered during subsequent investigations.
The charges alleged that Chow and Cheung had procured the making of entries in records of Standard Chartered Bank, Fortis Bank Asia HK and Hang Seng Bank Limited, namely total deposit entries of $53.2 million to the accounts of QEG or Chow, by deception.
The defendants were alleged to have falsely represented that Central Light Investment Limited (Central Light) had received payments in the forms of "development fee" and "commission" from Western Africa Enterprises Limited (Western Africa) and Harry G Hen neman.
Such "development fee" and "commission" were said to have been paid to Western Africa and Henneman by overseas universities.
ICAC investigations alleged that Central Light was a British Virgin Islands-registered subsidiary of QEG, while Western Africa was a garment company controlled by Chow's sister.
The alleged offences took place between June 1 and 7, 2000.
The defendants were each granted cash bail of $50,000, and ordered not to interfere with prosecution witnesses.
The prosecution was today represented by ICAC officer Sarah Lau.