Trio in court for allegedly defrauding $2.3m bank loans and laundering crime proceeds
2014-4-16
Two directors of a printing company and a director of another trading company appeared in the Tsuen Wan Magistracy today (Wednesday) after being charged by the ICAC for allegedly defrauding bank loans totalling over $2.3 million and laundering those crime proceeds respectively.
Tony Ho Wing-on, 53, Danny Ho Tak-yu, 55, both directors of Yue On Offset Printing Factory Company Limited (Yue On), who were charged by the ICAC on Monday (April 14), jointly faced a total of 10 counts of fraud, contrary to Section 16A of the Theft Ordin ance.
Also charged on Monday was Yiu Chi-wai, 43, sole shareholder cum director of Royal Richly Trading Limited (Royal Richly), who faced one count of dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25 (1) of the Organised and Serious Crimes Ordinance.
No pleas were taken. Acting Principal Magistrate Mr Joseph To Ho-shing transferred the case to the District Court for plea on May 2 this year.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, Yue On was a family business run by Tony Ho and his elder brother Danny Ho, while Yiu Chi-wai was the brother-in-law of Danny Ho.
The fraud charges alleged that between October 12, 2011 and December 29, 2011, Tony Ho and Danny Ho falsely represented to Wing Hang Bank Limited (Wing Hang Bank) that there were genuine business transactions as evidence in 10 invoices issued by Royal Ric hly to Yue On, and with intent to defraud, induced the bank to grant 10 loans totalling over $2.3 million to Yue On, resulting in prejudice to the bank.
The remaining charge alleged Yiu of dealing with the sum of over $2.3 million between September 30, 2011 and April 2, 2012, knowing or having reasonable grounds to believe that the sum of money, in whole or in part, directly or indirectly, represented the proceeds of an indictable offence.
The defendants were each granted cash bail of $100,000. They were also ordered to surrender their travel documents, and not to leave Hong Kong.
Wing Hang Bank had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Alfred Chan.
Tony Ho Wing-on, 53, Danny Ho Tak-yu, 55, both directors of Yue On Offset Printing Factory Company Limited (Yue On), who were charged by the ICAC on Monday (April 14), jointly faced a total of 10 counts of fraud, contrary to Section 16A of the Theft Ordin ance.
Also charged on Monday was Yiu Chi-wai, 43, sole shareholder cum director of Royal Richly Trading Limited (Royal Richly), who faced one count of dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25 (1) of the Organised and Serious Crimes Ordinance.
No pleas were taken. Acting Principal Magistrate Mr Joseph To Ho-shing transferred the case to the District Court for plea on May 2 this year.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, Yue On was a family business run by Tony Ho and his elder brother Danny Ho, while Yiu Chi-wai was the brother-in-law of Danny Ho.
The fraud charges alleged that between October 12, 2011 and December 29, 2011, Tony Ho and Danny Ho falsely represented to Wing Hang Bank Limited (Wing Hang Bank) that there were genuine business transactions as evidence in 10 invoices issued by Royal Ric hly to Yue On, and with intent to defraud, induced the bank to grant 10 loans totalling over $2.3 million to Yue On, resulting in prejudice to the bank.
The remaining charge alleged Yiu of dealing with the sum of over $2.3 million between September 30, 2011 and April 2, 2012, knowing or having reasonable grounds to believe that the sum of money, in whole or in part, directly or indirectly, represented the proceeds of an indictable offence.
The defendants were each granted cash bail of $100,000. They were also ordered to surrender their travel documents, and not to leave Hong Kong.
Wing Hang Bank had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Alfred Chan.