Ex-director of financial intermediary in court for $600,000 loan fraud
2017-11-17
A former director-cum-shareholder of a financial intermediary appeared in the Kwun Tong Magistracy today (November 17) after being charged by the ICAC with conspiracy to defraud a bank by using false employment information about a person to induce the bank to grant that person a personal instalment loan of about $600,000.
Lo Ka-ho, 29, former director-cum-shareholder of Kai Shun International Accounting Company Limited (Kai Shun), who was charged on Wednesday (November 15), faced one count of conspiracy to defraud, contrary to Common Law.
No plea was taken today. Acting Principal Magistrate Mr Don So Man-lung adjourned the case to December 8 this year for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offence.
At the material time, the defendant was the director-cum-shareholder of Kai Shun, which was a financial intermediary engaged in assisting its customers to apply for loans with financial institutions.
The charge alleged that between August 25, 2014 and March 17, 2015, the defendant conspired together with a person to defraud officers of Standard Chartered Bank (Hong Kong) Limited (SCB) by dishonestly falsely representing to those officers that the person was employed by a trading company, thereby inducing the bank to grant a personal instalment loan in the sum of $592,000 to that person.
The defendant was granted cash bail of $70,000, and ordered not to contact prosecution witnesses directly or indirectly.
SCB and the trading company had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Benny Chang.
Lo Ka-ho, 29, former director-cum-shareholder of Kai Shun International Accounting Company Limited (Kai Shun), who was charged on Wednesday (November 15), faced one count of conspiracy to defraud, contrary to Common Law.
No plea was taken today. Acting Principal Magistrate Mr Don So Man-lung adjourned the case to December 8 this year for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offence.
At the material time, the defendant was the director-cum-shareholder of Kai Shun, which was a financial intermediary engaged in assisting its customers to apply for loans with financial institutions.
The charge alleged that between August 25, 2014 and March 17, 2015, the defendant conspired together with a person to defraud officers of Standard Chartered Bank (Hong Kong) Limited (SCB) by dishonestly falsely representing to those officers that the person was employed by a trading company, thereby inducing the bank to grant a personal instalment loan in the sum of $592,000 to that person.
The defendant was granted cash bail of $70,000, and ordered not to contact prosecution witnesses directly or indirectly.
SCB and the trading company had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Benny Chang.