Company director charged as ICAC probe reveals money laundering
2022-7-20
A company director was charged by the ICAC today (July 20) for allegedly dealing with crime proceeds of $200,000, being payments his company received for trademark and patent registration services claimed to be provided by it. The illegal activities were revealed in the course of a corruption investigation.
Chiu Tsang-ting, 46, sole shareholder cum director of Prince Dragon Limited (Prince Dragon), faces one count of dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance.
The defendant was released on ICAC bail, pending his appearance in the West Kowloon Magistrates’ Courts tomorrow (July 21) for plea.
In early 2018, Prince Dragon was engaged by Conpak Intellectual Property Limited (Conpak) as a vendor to provide trademark and patent registration service in Singapore and Australia for clients of Conpak.
Conpak subsequently placed with Prince Dragon a total of 30 service orders and released 14 payments totalling over $200,000 to it. It is alleged that on each occasion after Prince Dragon received the payments, the defendant transferred the exact amount of money to the bank account of another company.
The charge alleges that between May 2018 and July 2020, the defendant dealt with the above total sum of $200,000, knowing or having reasonable grounds to believe that it in whole or in part directly or indirectly represented any person’s proceeds of an indictable offence.
ICAC investigation revealed that Prince Dragon was a company with no actual business. The above trademark and patent registration services were allegedly provided to Conpak by the aforesaid company. The defendant’s wife and a former manager of Conpak were both authorised signatories of the abovementioned bank account of that company.
The ICAC investigation arose from a corruption complaint. The defendant was charged after seeking legal advice from the Department of Justice. As the relevant corruption investigation is continuing, the ICAC does not rule out further law enforcement actions.
Conpak has rendered full assistance to the ICAC during its investigation into the case.
Chiu Tsang-ting, 46, sole shareholder cum director of Prince Dragon Limited (Prince Dragon), faces one count of dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance.
The defendant was released on ICAC bail, pending his appearance in the West Kowloon Magistrates’ Courts tomorrow (July 21) for plea.
In early 2018, Prince Dragon was engaged by Conpak Intellectual Property Limited (Conpak) as a vendor to provide trademark and patent registration service in Singapore and Australia for clients of Conpak.
Conpak subsequently placed with Prince Dragon a total of 30 service orders and released 14 payments totalling over $200,000 to it. It is alleged that on each occasion after Prince Dragon received the payments, the defendant transferred the exact amount of money to the bank account of another company.
The charge alleges that between May 2018 and July 2020, the defendant dealt with the above total sum of $200,000, knowing or having reasonable grounds to believe that it in whole or in part directly or indirectly represented any person’s proceeds of an indictable offence.
ICAC investigation revealed that Prince Dragon was a company with no actual business. The above trademark and patent registration services were allegedly provided to Conpak by the aforesaid company. The defendant’s wife and a former manager of Conpak were both authorised signatories of the abovementioned bank account of that company.
The ICAC investigation arose from a corruption complaint. The defendant was charged after seeking legal advice from the Department of Justice. As the relevant corruption investigation is continuing, the ICAC does not rule out further law enforcement actions.
Conpak has rendered full assistance to the ICAC during its investigation into the case.