Certified public accountant charged as ICAC probe reveals theft of USD1.25m
2022-5-3
The ICAC today (May 3) charged a certified public accountant, who was a trustee of two companies, with stealing a total of over USD1.25 million from the two companies.
The ICAC investigation arose from a corruption complaint. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charging the certified public accountant.
Cheung Hing-chik, 73, faces two counts of theft, contrary to Section 9 of the Theft Ordinance. He was released on ICAC bail, pending his appearance in the Eastern Magistrates’ Courts on Thursday (May 5) for mention.
At the material time, the defendant was entrusted by a couple residing outside Hong Kong to handle the business and financial affairs of two companies which respectively engaged in arts trading and securities investment.
The defendant was the sole authorised signatory for bank accounts of the two companies but he was not permitted to dispose of any funds or securities of the two companies without consent from the couple.
The charges allege that between February 2016 and January 2020, the defendant stole a total of over USD1.25 million belonging to the two companies.
It is alleged that the defendant had on over 50 occasions transferred over USD1.25 million to his personal bank accounts without the consent of the couple.
The ICAC investigation arose from a corruption complaint. Upon completion of the investigation, the ICAC sought legal advice from the Department of Justice, which advised charging the certified public accountant.
Cheung Hing-chik, 73, faces two counts of theft, contrary to Section 9 of the Theft Ordinance. He was released on ICAC bail, pending his appearance in the Eastern Magistrates’ Courts on Thursday (May 5) for mention.
At the material time, the defendant was entrusted by a couple residing outside Hong Kong to handle the business and financial affairs of two companies which respectively engaged in arts trading and securities investment.
The defendant was the sole authorised signatory for bank accounts of the two companies but he was not permitted to dispose of any funds or securities of the two companies without consent from the couple.
The charges allege that between February 2016 and January 2020, the defendant stole a total of over USD1.25 million belonging to the two companies.
It is alleged that the defendant had on over 50 occasions transferred over USD1.25 million to his personal bank accounts without the consent of the couple.