Ex-managing director of herbal tea manufacturer guilty of deceiving $1.4m L/C facility and loans
2008-11-17
A former managing director of a manufacturer of herbal tea products, charged by the ICAC, was today (Monday) found guilty at the District Court of deceiving a Letter of Credit (L/C) facility and six hire-purchase loans totalling over $1.4 million with fal se invoices.
Agnes Wong Kin-yee, 62, former managing director of Wong Lo Kat (International) Limited (WLK), was found guilty of seven counts of false accounting.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the said offences.
Deputy District Court Judge Newman Wong adjourned sentencing to December 9, pending background and community service order reports. Wong was granted cash bail of $20,000 and ordered not to leave Hong Kong.
The court heard that on October 6, 1997, Wong falsified and submitted to Kwong On Bank (later renamed as DBS Bank) an invoice, purportedly showing a genuine sale of an automatic packaging machine at $90,000 by a company to WLK.
Believing that there was a genuine transaction as evidenced by the invoice, the bank approved the application and issued a L/C in favour of the said company.
The loan proceeds of $90,000 were subsequently channeled to WLK by the said company.
The court further heard that between February 12, 1998 and March 28, 2003, Wong had falsified six invoices of three other companies, purportedly showing there were genuine sales by those companies to WLK of various machines at a total of $1,363,300.
As a result of the false invoices, the three companies had obtained six hire-purchase loans totalling $1,363,300 from Inchroy Credit Corporation Limited.
A substantial amount of the above sum was subsequently channeled to WLK and recorded in the accounting books of the company as loans from Wong to WLK, the court heard.
The prosecution was today represented by prosecuting counsel Juliana Chow, assisted by ICAC officer Martin Tse.
Agnes Wong Kin-yee, 62, former managing director of Wong Lo Kat (International) Limited (WLK), was found guilty of seven counts of false accounting.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the said offences.
Deputy District Court Judge Newman Wong adjourned sentencing to December 9, pending background and community service order reports. Wong was granted cash bail of $20,000 and ordered not to leave Hong Kong.
The court heard that on October 6, 1997, Wong falsified and submitted to Kwong On Bank (later renamed as DBS Bank) an invoice, purportedly showing a genuine sale of an automatic packaging machine at $90,000 by a company to WLK.
Believing that there was a genuine transaction as evidenced by the invoice, the bank approved the application and issued a L/C in favour of the said company.
The loan proceeds of $90,000 were subsequently channeled to WLK by the said company.
The court further heard that between February 12, 1998 and March 28, 2003, Wong had falsified six invoices of three other companies, purportedly showing there were genuine sales by those companies to WLK of various machines at a total of $1,363,300.
As a result of the false invoices, the three companies had obtained six hire-purchase loans totalling $1,363,300 from Inchroy Credit Corporation Limited.
A substantial amount of the above sum was subsequently channeled to WLK and recorded in the accounting books of the company as loans from Wong to WLK, the court heard.
The prosecution was today represented by prosecuting counsel Juliana Chow, assisted by ICAC officer Martin Tse.