Listed company executive director charged for alleged fraud over company acquisition
2007-9-22
An executive director of a publicly listed company, who was arrested by the ICAC on Thursday, was charged with alleged fraud in relation to the acquisition of a company, and brought to Kowloon City Magistracy this (Saturday) morning.
Ho Chin-hou, 69, executive director of Extrawell Pharmaceutical Holdings Limited (Extrawell), faced a holding charge of fraud.
No plea was taken. Magistrate Mrs Adriana C. Tse adjourned the case until December 21, 2007 for mention.
The case arose from a corruption investigation, which is still on-going.
The charge alleged that between January 1 and September 30, 2004, the defendant, by deceit, falsely represented that his daughter-in-law and son-in-law were not connected persons of Extrawell.
The defendant was also alleged to have concealed or failed to disclose his relationship with his daughter-in-law and son-in-law, and that Smart Ascent Limited (SAL) was a company controlled by him.
It was alleged that the defendant, with intent to defraud, induced Extrawell to acquire 51% of the shares of SAL at the price of $73 million which resulted in benefit to the defendant, his daughter-in-law and son-in-law.
The defendant was granted cash bail of $1 million. He was also ordered not to leave Hong Kong.
The prosecution was today represented by Senior Government Counsel Peter Daryanani, assisted by ICAC officer Paul Lau.
Ho Chin-hou, 69, executive director of Extrawell Pharmaceutical Holdings Limited (Extrawell), faced a holding charge of fraud.
No plea was taken. Magistrate Mrs Adriana C. Tse adjourned the case until December 21, 2007 for mention.
The case arose from a corruption investigation, which is still on-going.
The charge alleged that between January 1 and September 30, 2004, the defendant, by deceit, falsely represented that his daughter-in-law and son-in-law were not connected persons of Extrawell.
The defendant was also alleged to have concealed or failed to disclose his relationship with his daughter-in-law and son-in-law, and that Smart Ascent Limited (SAL) was a company controlled by him.
It was alleged that the defendant, with intent to defraud, induced Extrawell to acquire 51% of the shares of SAL at the price of $73 million which resulted in benefit to the defendant, his daughter-in-law and son-in-law.
The defendant was granted cash bail of $1 million. He was also ordered not to leave Hong Kong.
The prosecution was today represented by Senior Government Counsel Peter Daryanani, assisted by ICAC officer Paul Lau.