Woman arrested and charged for allegedly laundering $100m crime proceeds in derivative warrant case
2009-7-29
The ICAC today (Wednesday) arrested and charged a woman for her alleged role in laundering over $100 million in crime proceeds in relation to the trading of derivative warrants.
Cheng Yuen-yi, 40, was then brought to Eastern Magistracy on 17 counts of dealing with property known or believed to represent the proceeds of an indictable offence, contrary to Section 25(1) of the Organised and Serious Crimes Ordinance (OSCO).
Magistrate Ms Bina Chainrai adjourned the case until August 12, pending transfer to the District Court.
The case arose from a corruption complaint in relation to the trading of derivative warrants. Subsequent ICAC enquiries revealed the above OSCO offences.
One of the charges alleged that between May 2005 and May 2008, the defendant dealt with cash in the total amount of over $34.6 million, knowing that the money, in whole or in part, directly or indirectly, represented proceeds of an indictable offence. Th e cash was said to have been placed in a safe deposit box at a bank.
The remaining 16 charges alleged that between January 2006 and July 2008, the defendant dealt with sums of money totalling over $66.6 million, knowing that the monies, in whole or in part, directly or indirectly, represented proceeds of an indictable offe nce.
The monies were said to have been deposited into the defendant’s personal accounts, her joint accounts and accounts of four companies at six banks.
The defendant was granted cash bail of $1 million. She was also ordered not to leave Hong Kong, surrender her travel documents, and not to interfere with prosecution witnesses.
The prosecution was today represented by Senior Assistant Director of Public Prosecutions Alex Lee, assisted by ICAC officer Ada Lau.
Cheng Yuen-yi, 40, was then brought to Eastern Magistracy on 17 counts of dealing with property known or believed to represent the proceeds of an indictable offence, contrary to Section 25(1) of the Organised and Serious Crimes Ordinance (OSCO).
Magistrate Ms Bina Chainrai adjourned the case until August 12, pending transfer to the District Court.
The case arose from a corruption complaint in relation to the trading of derivative warrants. Subsequent ICAC enquiries revealed the above OSCO offences.
One of the charges alleged that between May 2005 and May 2008, the defendant dealt with cash in the total amount of over $34.6 million, knowing that the money, in whole or in part, directly or indirectly, represented proceeds of an indictable offence. Th e cash was said to have been placed in a safe deposit box at a bank.
The remaining 16 charges alleged that between January 2006 and July 2008, the defendant dealt with sums of money totalling over $66.6 million, knowing that the monies, in whole or in part, directly or indirectly, represented proceeds of an indictable offe nce.
The monies were said to have been deposited into the defendant’s personal accounts, her joint accounts and accounts of four companies at six banks.
The defendant was granted cash bail of $1 million. She was also ordered not to leave Hong Kong, surrender her travel documents, and not to interfere with prosecution witnesses.
The prosecution was today represented by Senior Assistant Director of Public Prosecutions Alex Lee, assisted by ICAC officer Ada Lau.