Former chairman and executive director of listed company guilty of misappropriating company funds and share options fraud
2006-7-7
The former chairman and a former executive director of a publicly listed company, charged by the ICAC, were today (Friday) convicted at the District Court of their roles in misappropriating company funds totalling over $50 million and conspiring to defrau d in relation to the granting of share options.
Stephen Wong Wang-sang, 49, and Wong Pui-sing, 38, respectively former chairman and former executive director of Skyworth Digital Holdings Limited (Skyworth Digital), were found guilty of three joint offences - two of conspiracy to steal and one of conspi racy to defraud. Wong Wang-sang was further convicted of one count of conspiracy to steal.
Judge Stephen Geiser adjourned the case to July 13, 2006 for mitigation and sentence, and remanded the defendants in the custody of the Correctional Services Department.
The court heard that between November 1, 2000 and October 31, 2004, Wong Wang-sang and Wong Pui-sing conspired with Lo Yuk-ying and Wong Pang to steal over $2.2 million belonging to Skyworth Computer & Network Company Limited, and over $48 million belongi ng to Skyworth Digital Technology (Holding) Company Limited (Skyworth Digital Technology).
In addition, Wong Wang-sang had conspired with Lo to steal $500,000 belonging to Skyworth (Group) Company Limited between January 2 and June 27, 2001.
The court also heard that between November 1, 2000 and November 30, 2004, Wong Wang-sang and Wong Pui-sing had conspired with Lo and Wong Pang to defraud Skyworth Digital.
They had falsely represented that Wong Pang was employed by Skyworth Digital Technology as a consultant responsible for developing and exploring the business of Skyworth Digital Technology and Skyworth Digital in the Mainland.
They also false represented that Wong Pang, being a consultant employed by Skyworth Digital Technology, was entitled to the grant of share options for a total of 25 million shares of Skyworth Digital exercisable over four years.
As a result of the false representation, Skyworth Digital was induced to grant a total of 18,750,000 share options to Wong Pang at $0.336 per share, the court was told.
The prosecution was today represented by Giles Surman, counsel on fiat, assisted by ICAC officer Kitty Lau.
Stephen Wong Wang-sang, 49, and Wong Pui-sing, 38, respectively former chairman and former executive director of Skyworth Digital Holdings Limited (Skyworth Digital), were found guilty of three joint offences - two of conspiracy to steal and one of conspi racy to defraud. Wong Wang-sang was further convicted of one count of conspiracy to steal.
Judge Stephen Geiser adjourned the case to July 13, 2006 for mitigation and sentence, and remanded the defendants in the custody of the Correctional Services Department.
The court heard that between November 1, 2000 and October 31, 2004, Wong Wang-sang and Wong Pui-sing conspired with Lo Yuk-ying and Wong Pang to steal over $2.2 million belonging to Skyworth Computer & Network Company Limited, and over $48 million belongi ng to Skyworth Digital Technology (Holding) Company Limited (Skyworth Digital Technology).
In addition, Wong Wang-sang had conspired with Lo to steal $500,000 belonging to Skyworth (Group) Company Limited between January 2 and June 27, 2001.
The court also heard that between November 1, 2000 and November 30, 2004, Wong Wang-sang and Wong Pui-sing had conspired with Lo and Wong Pang to defraud Skyworth Digital.
They had falsely represented that Wong Pang was employed by Skyworth Digital Technology as a consultant responsible for developing and exploring the business of Skyworth Digital Technology and Skyworth Digital in the Mainland.
They also false represented that Wong Pang, being a consultant employed by Skyworth Digital Technology, was entitled to the grant of share options for a total of 25 million shares of Skyworth Digital exercisable over four years.
As a result of the false representation, Skyworth Digital was induced to grant a total of 18,750,000 share options to Wong Pang at $0.336 per share, the court was told.
The prosecution was today represented by Giles Surman, counsel on fiat, assisted by ICAC officer Kitty Lau.