Ex-agent of Guangzhou newspaper group jailed for $5m embezzlement
2005-11-14
A former agent of a newspaper group based in Guangzhou, charged by the ICAC, was today (Monday) sentenced to 38 months' imprisonment at District Court for 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, today pleaded guilty to two counts of fraud.
In sentencing, Deputy Judge Frankie Yiu Fun-che said a custodial sentence was imposed because the case involved a serious breach of trust and a substantial amount of funds was embezzled.
The case arose from a corruption complaint. Subsequent investigation revealed the fraud offences.
The court heard that Chan was entrusted by the Group to look after its bank accounts in Hong Kong and to report their financial situation to the Group.
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, and misappropriated the funds.
To conceal the embezzlement, Chan altered the entries on the photocopies of the bank passbooks, which were submitted to the accounts department of the Group each month.
The court heard that Chan had embezzled over $4,940,000 from the Group by the above fraudulent means.
When interviewed under caution, Chan admitted the misappropriation, and that he had lost all the money in gambling.
The prosecution was today represented by Senior Government Counsel Maggie Yang, assisted by ICAC officer Daniel Li.
Chan Kam-hong, 46, formerly engaged by Guangzhou Daily Group (the Group) to deal with accounting matters in Hong Kong, today pleaded guilty to two counts of fraud.
In sentencing, Deputy Judge Frankie Yiu Fun-che said a custodial sentence was imposed because the case involved a serious breach of trust and a substantial amount of funds was embezzled.
The case arose from a corruption complaint. Subsequent investigation revealed the fraud offences.
The court heard that Chan was entrusted by the Group to look after its bank accounts in Hong Kong and to report their financial situation to the Group.
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, and misappropriated the funds.
To conceal the embezzlement, Chan altered the entries on the photocopies of the bank passbooks, which were submitted to the accounts department of the Group each month.
The court heard that Chan had embezzled over $4,940,000 from the Group by the above fraudulent means.
When interviewed under caution, Chan admitted the misappropriation, and that he had lost all the money in gambling.
The prosecution was today represented by Senior Government Counsel Maggie Yang, assisted by ICAC officer Daniel Li.