Two years’ jail for then chairman of listed company charged by ICAC over $2.4m fraud involving inflated tax on saloon purchase
2026-5-7
A then chairman of a listed company, charged by the ICAC, was sentenced to two years’ imprisonment at the District Court today (May 7) for deceiving the company into paying about $2.4 million by inflating the first registration tax on a saloon.
Bruce Lee Chun-pong, 42, former executive director cum chairman of PF Group Holdings Limited (PF Group, now renamed as Gaoyu Finance Group Ltd), was earlier found guilty after trial of one count of fraud, contrary to section 16A of the Theft Ordinance.
In sentencing, Deputy Judge Mr Colin Wong Sze-cheung reprimanded the defendant for breaching the trust placed in him as a listed company chairman at the material time. The difference of over $800,000, resulting from inflating the first registration tax on the saloon, was eventually deposited into a bank account held by his wife. The court ordered the defendant to pay the difference as compensation to PF Group.
The ICAC investigation stemmed from a corruption complaint that revealed the offence. The court heard that at the material time, the defendant was purchasing a saloon for PF Group to promote its car loan business. In early 2021, the defendant made a false representation that the company was required to pay about $2.4 million as the first registration tax on the saloon. ICAC enquiries revealed that the relevant tax amount had been inflated by over $800,000. Subsequently, a bank account held by the defendant’s wife received a payment of over $800,000 made by the relevant car dealer.
PF Group rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Jenny Chan.
The ICAC reminds executives of listed companies to comply with the law and uphold high standards of integrity to safeguard the interests of various stakeholders. The ICAC will continue to assist listed companies in enhancing their corruption prevention capabilities and corporate governance. For more details, please visit the “Ethics Promotion Programme for Listed Companies” webpage.
Bruce Lee Chun-pong, 42, former executive director cum chairman of PF Group Holdings Limited (PF Group, now renamed as Gaoyu Finance Group Ltd), was earlier found guilty after trial of one count of fraud, contrary to section 16A of the Theft Ordinance.
In sentencing, Deputy Judge Mr Colin Wong Sze-cheung reprimanded the defendant for breaching the trust placed in him as a listed company chairman at the material time. The difference of over $800,000, resulting from inflating the first registration tax on the saloon, was eventually deposited into a bank account held by his wife. The court ordered the defendant to pay the difference as compensation to PF Group.
The ICAC investigation stemmed from a corruption complaint that revealed the offence. The court heard that at the material time, the defendant was purchasing a saloon for PF Group to promote its car loan business. In early 2021, the defendant made a false representation that the company was required to pay about $2.4 million as the first registration tax on the saloon. ICAC enquiries revealed that the relevant tax amount had been inflated by over $800,000. Subsequently, a bank account held by the defendant’s wife received a payment of over $800,000 made by the relevant car dealer.
PF Group rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Jenny Chan.
The ICAC reminds executives of listed companies to comply with the law and uphold high standards of integrity to safeguard the interests of various stakeholders. The ICAC will continue to assist listed companies in enhancing their corruption prevention capabilities and corporate governance. For more details, please visit the “Ethics Promotion Programme for Listed Companies” webpage.