Four face ICAC charges over alleged misappropriation of funds from listed companies
2006-2-20
Four persons arrested by the ICAC in September 2005 in relation to suspected corruption and misappropriation of corporate funds from two listed companies were today (Monday) charged by the Commission.
The four persons charged are: Hon Ming-kong, 38, former chairman and executive director of China Sciences Conservational Power Limited (China Sciences) and also former executive director of China Conservational Power Holdings Limited (China Conservational ); Chan Tat-chee, 59, former chairman and executive director of China Conservational and also former executive director of China Sciences; Anthony Chow Ho-tung, 45, former executive director and financial controller of China Sciences; and Kan Lai Lai-kan (also known as Lai Kam-tung), 39, former employee of a subsidiary of China Sciences.
They will appear at Eastern Magistracy at 9:30 a.m. tomorrow (Tuesday) on three counts of conspiracy to defraud and one of conspiracy to steal.
Two of the charges involve alleged conspiracies to defraud Central China Enterprises Limited, later renamed as China Sciences, and its shareholders; while another charge concerns alleged conspiracy to defraud China Conservational.
The four persons had allegedly made false representations in relation to the use of company funds of China Sciences.
Hon, Chan and Chow were also alleged to have created and used false accounting documents, causing China Sciences to part with funds totalling $33 million on false pretences.
The four persons also face a similar charge involving company funds of China Conservational totalling $13 million.
The four also face one count of conspiring together and with other persons to steal $4 million belonging to China Sciences.
The alleged offences took place between January 2004 and April 2005.
The defendants have been released on ICAC bail, pending their court appearances tomorrow.
The four persons charged are: Hon Ming-kong, 38, former chairman and executive director of China Sciences Conservational Power Limited (China Sciences) and also former executive director of China Conservational Power Holdings Limited (China Conservational ); Chan Tat-chee, 59, former chairman and executive director of China Conservational and also former executive director of China Sciences; Anthony Chow Ho-tung, 45, former executive director and financial controller of China Sciences; and Kan Lai Lai-kan (also known as Lai Kam-tung), 39, former employee of a subsidiary of China Sciences.
They will appear at Eastern Magistracy at 9:30 a.m. tomorrow (Tuesday) on three counts of conspiracy to defraud and one of conspiracy to steal.
Two of the charges involve alleged conspiracies to defraud Central China Enterprises Limited, later renamed as China Sciences, and its shareholders; while another charge concerns alleged conspiracy to defraud China Conservational.
The four persons had allegedly made false representations in relation to the use of company funds of China Sciences.
Hon, Chan and Chow were also alleged to have created and used false accounting documents, causing China Sciences to part with funds totalling $33 million on false pretences.
The four persons also face a similar charge involving company funds of China Conservational totalling $13 million.
The four also face one count of conspiring together and with other persons to steal $4 million belonging to China Sciences.
The alleged offences took place between January 2004 and April 2005.
The defendants have been released on ICAC bail, pending their court appearances tomorrow.