Trio in court for alleged insurance policy and commissions fraud
2014-4-17
Two insurance agents and a former manager of a bank appeared in the Kowloon City Magistracy today (Thursday) after being charged by the ICAC for their alleged roles in deceiving a client into taking out a $1.5 million insurance policy for securing a loan, and defrauding commissions totalling about $76,000.
The defendants, who were charged on Tuesday (April 15), were Yu Wai-kei, 33, former assistant unit manager of American International Assurance Company (Bermuda) Limited (AIA), Ho Ting-fung, 28, senior unit manager of AIA; and Chan Choi-ha, 32, former assi stant relationship manager of Standard Chartered Bank (Hong Kong) Limited (SCB).
Yu and Chan jointly faced one count of fraud, contrary to Section 16A of the Theft Ordinance, while Yu and Ho were laid with two counts of fraud.
No pleas were taken today. Magistrate Abu Bakar bin Wahab transferred the case to the District Court on May 2 for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, Chan was employed by SCB as an assistant relationship manager tasked to introduce small and medium enterprise loans and other financial products to her customers.
One of the charges alleged that between November 2011 and February 2012, Yu and Chan falsely represented to a director of an industrial company that an insurance policy was required by SCB as collateral for securing a small and medium enterprise loan for the company, and with intent to defraud, induced the director to obtain an insurance policy of $1.5 million from AIA.
Another charge alleged that between December 2011 and February 2012, Yu and Ho falsely represented to AIA that Ho was the handling agent of the life and personal accident insurance policy in the name of the said director, and with intent to defraud, induc ed AIA to pay a commission of about $67,530.
The remaining charge alleged that between October 2011 and January 2012, Yu and Ho falsely represented to AIA that Ho was the handling agent of a life and personal accident insurance policy in the name of a merchant, and with intent to defraud, induced AI A to pay a commission of $8,390.
The defendants were each granted cash bail of $10,000, and ordered not to interfere with prosecution witnesses.
AIA and SCB had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Chris Ng.
The defendants, who were charged on Tuesday (April 15), were Yu Wai-kei, 33, former assistant unit manager of American International Assurance Company (Bermuda) Limited (AIA), Ho Ting-fung, 28, senior unit manager of AIA; and Chan Choi-ha, 32, former assi stant relationship manager of Standard Chartered Bank (Hong Kong) Limited (SCB).
Yu and Chan jointly faced one count of fraud, contrary to Section 16A of the Theft Ordinance, while Yu and Ho were laid with two counts of fraud.
No pleas were taken today. Magistrate Abu Bakar bin Wahab transferred the case to the District Court on May 2 for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, Chan was employed by SCB as an assistant relationship manager tasked to introduce small and medium enterprise loans and other financial products to her customers.
One of the charges alleged that between November 2011 and February 2012, Yu and Chan falsely represented to a director of an industrial company that an insurance policy was required by SCB as collateral for securing a small and medium enterprise loan for the company, and with intent to defraud, induced the director to obtain an insurance policy of $1.5 million from AIA.
Another charge alleged that between December 2011 and February 2012, Yu and Ho falsely represented to AIA that Ho was the handling agent of the life and personal accident insurance policy in the name of the said director, and with intent to defraud, induc ed AIA to pay a commission of about $67,530.
The remaining charge alleged that between October 2011 and January 2012, Yu and Ho falsely represented to AIA that Ho was the handling agent of a life and personal accident insurance policy in the name of a merchant, and with intent to defraud, induced AI A to pay a commission of $8,390.
The defendants were each granted cash bail of $10,000, and ordered not to interfere with prosecution witnesses.
AIA and SCB had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Chris Ng.