A former solicitor has been arrested and charged by the ICAC for allegedly conspiring to defraud an investment company and embezzling $1.1 million in relation to a small house development project in the New Territories.

Peter Chan, 56, will appear in Eastern Magistracy at 9:30 am tomorrow (Friday) on one count of conspiracy to defraud, and three of theft.

The case arose from a corruption complaint. Subsequent ICAC inquiries revealed the alleged conspiracy and theft offences.

At the time of the alleged offences, Chan acted as the legal advisor of Mart Treasure Investment Limited (Mart Treasure) for the development of small houses at various lots of land in Tsam Chuk Wan, Sai Kung.

One of the charges alleges that Chan had conspired together with another person to defraud Mart Treasure and its shareholders and directors over the actual acquisition price of the lots of land and the consultancy fees.

The remaining three charges allege Chan of stealing a total of $1,144,250 from Mart Treasure.

The alleged offences took place between May 1 and November 30, 1997.

The defendant has been released on ICAC bail, pending his court appearance tomorrow.