Ex-agent of Guangzhou newspaper group charged for alleged $5m embezzlement
2005-10-3
A former agent of a newspaper group based in Guangzhou was today (Monday) charged by the ICAC for allegedly embezzling funds totalling about $5 million from the group.
Chan Kam-hong, 46, formerly engaged by Guangzhou Daily Group (the Group) to deal with accounting matters in Hong Kong, will appear in Eastern Magistracy at 9:30 am tomorrow (Tuesday) on two counts of fraud.
The case arose from a corruption complaint. Subsequent investigation revealed the alleged fraud offences.
At the time of the alleged offences, Chan was entrusted by the Group to look after a number of bank accounts of the Group in Hong Kong and to report their financial situation to his principal.
The two charges allege that between December 2002 and January this year, Chan had forged the signatures of authorized signatories on a total of 54 cheques issued from the bank accounts.
To conceal the withdrawals, Chan allegedly altered the entries on the photocopies of the bank passbooks, which were submitted to the Accounts Department of the Group each month.
It is alleged that by the above fraudulent means, Chan had embezzled over $4,940,000 from the Group.
The defendant has been released on ICAC bail, pending his court appearance tomorrow.
Chan Kam-hong, 46, formerly engaged by Guangzhou Daily Group (the Group) to deal with accounting matters in Hong Kong, will appear in Eastern Magistracy at 9:30 am tomorrow (Tuesday) on two counts of fraud.
The case arose from a corruption complaint. Subsequent investigation revealed the alleged fraud offences.
At the time of the alleged offences, Chan was entrusted by the Group to look after a number of bank accounts of the Group in Hong Kong and to report their financial situation to his principal.
The two charges allege that between December 2002 and January this year, Chan had forged the signatures of authorized signatories on a total of 54 cheques issued from the bank accounts.
To conceal the withdrawals, Chan allegedly altered the entries on the photocopies of the bank passbooks, which were submitted to the Accounts Department of the Group each month.
It is alleged that by the above fraudulent means, Chan had embezzled over $4,940,000 from the Group.
The defendant has been released on ICAC bail, pending his court appearance tomorrow.