Five defendants jailed for up to 54 months over JPY400m investment fraud revealed in ICAC graft probe
2026-11-9
An ICAC corruption investigation revealed that an illegal syndicate, with the assistance of bank staff in signing and issuing false bank documents, deceived Japanese investors into investing over JPY400 million (about HK$28.4 million at the material time) in various companies that falsely claimed to be undertaking investment projects in Africa by asserting that their bank accounts held assets totalling over HK$37 billion. The five defendants had either entered guilty pleas or been convicted after trial. Two of them were previously sentenced to three years’ imprisonment, while the remaining three were sentenced to jail terms up to 54 months at the District Court today (November 9). Three other individuals involved in the case were wanted by the ICAC.
Leung Ho-yin, 40, then relationship manager of Standard Chartered Bank (Hong Kong) Limited (Standard Chartered Bank), was sentenced to 45 months’ imprisonment; while Law Man-fai, 52, self-employed financial consultant, was jailed for 33 months. The duo earlier pleaded guilty to a total of three counts of conspiracy to defraud, contrary to the Common Law.
Co-defendant Catherine Kum Kit-ching, 58, manager of ADF Capital Limited (ADF), received a jail term of 54 months. She was earlier found guilty after trial of one count of conspiracy to deal with property known or believed to represent proceeds of indictable offence (commonly known as money laundering), contrary to section 25(1) of the Organized and Serious Crimes Ordinance and section 159A of the Crimes Ordinance.
In sentencing, Deputy Judge Ms May Chung Ming-sun remarked that the present case was a sophisticated fraud involving multiple overseas investors and cross-border investments. The sums involved were substantial and the offences were serious in nature, undermining Hong Kong’s reputation as an international financial centre.
The deputy judge took a starting point of 68 months’ imprisonment for Leung and Law. Taking into account their guilty pleas and Law’s assistance to the prosecution in testifying against others, their jail terms were substantially reduced to 45 months and 33 months respectively.
Woo Man-ho and Chan Tak-ching, two other then relationship managers of Standard Chartered Bank, were both sentenced to three years’ imprisonment earlier, following their guilty pleas to a total of four counts of conspiracy to defraud.
The ICAC investigation arose from a corruption complaint. At the material time, Woo, Chan and Leung were working at Standard Chartered Bank’s business banking department and priority banking department, respectively. At that time, Law was a self-employed financial consultant, while Kum was a manager of investment company ADF.
The court heard that between January 2015 and September 2016, Woo, Chan, Leung and Law conspired with three foreign nationals to use false proof of fund letters and corporate refund promissory notes to deceive various Japanese investors into making investments totalling over JPY400 million in ADF and several other companies.
The four defendants used the false documents, signed by Woo and Chan and purportedly issued by Standard Chartered Bank, to falsely claim that Standard Chartered Bank was the guarantor of ADF which undertook to pay about HK$450 million. The false documents also falsely represented that the foreign nationals involved in the case had substantial funds totalling over HK$37 billion available for investments in Africa.
The three foreign nationals included two shareholder-and-directors of ADF, specifically a Zambian man and a Korean man; and a Japanese woman who was the chief executive officer of a company. Arrest warrants for them were issued by a Magistrate upon applications by the ICAC.
Meanwhile, Kum conspired with the Zambian man and the Korean man to use a bank account to launder crime proceeds totalling about HK$55 million, representing the sum which the four co-defendants had involved in the scam.
Standard Chartered Bank rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Wong Hay-yiu, assisted by ICAC officer Johnny Yiu.
Wanted person Hada Sachiyo:
https://www.icac.org.hk/en/rc/wanted/index_id_85.html
Wanted person Kim Gyeun Bai:
https://www.icac.org.hk/en/rc/wanted/index_id_84.html
Wanted person Mudolo Willah:
https://www.icac.org.hk/en/rc/wanted/index_id_86.html
Leung Ho-yin, 40, then relationship manager of Standard Chartered Bank (Hong Kong) Limited (Standard Chartered Bank), was sentenced to 45 months’ imprisonment; while Law Man-fai, 52, self-employed financial consultant, was jailed for 33 months. The duo earlier pleaded guilty to a total of three counts of conspiracy to defraud, contrary to the Common Law.
Co-defendant Catherine Kum Kit-ching, 58, manager of ADF Capital Limited (ADF), received a jail term of 54 months. She was earlier found guilty after trial of one count of conspiracy to deal with property known or believed to represent proceeds of indictable offence (commonly known as money laundering), contrary to section 25(1) of the Organized and Serious Crimes Ordinance and section 159A of the Crimes Ordinance.
In sentencing, Deputy Judge Ms May Chung Ming-sun remarked that the present case was a sophisticated fraud involving multiple overseas investors and cross-border investments. The sums involved were substantial and the offences were serious in nature, undermining Hong Kong’s reputation as an international financial centre.
The deputy judge took a starting point of 68 months’ imprisonment for Leung and Law. Taking into account their guilty pleas and Law’s assistance to the prosecution in testifying against others, their jail terms were substantially reduced to 45 months and 33 months respectively.
Woo Man-ho and Chan Tak-ching, two other then relationship managers of Standard Chartered Bank, were both sentenced to three years’ imprisonment earlier, following their guilty pleas to a total of four counts of conspiracy to defraud.
The ICAC investigation arose from a corruption complaint. At the material time, Woo, Chan and Leung were working at Standard Chartered Bank’s business banking department and priority banking department, respectively. At that time, Law was a self-employed financial consultant, while Kum was a manager of investment company ADF.
The court heard that between January 2015 and September 2016, Woo, Chan, Leung and Law conspired with three foreign nationals to use false proof of fund letters and corporate refund promissory notes to deceive various Japanese investors into making investments totalling over JPY400 million in ADF and several other companies.
The four defendants used the false documents, signed by Woo and Chan and purportedly issued by Standard Chartered Bank, to falsely claim that Standard Chartered Bank was the guarantor of ADF which undertook to pay about HK$450 million. The false documents also falsely represented that the foreign nationals involved in the case had substantial funds totalling over HK$37 billion available for investments in Africa.
The three foreign nationals included two shareholder-and-directors of ADF, specifically a Zambian man and a Korean man; and a Japanese woman who was the chief executive officer of a company. Arrest warrants for them were issued by a Magistrate upon applications by the ICAC.
Meanwhile, Kum conspired with the Zambian man and the Korean man to use a bank account to launder crime proceeds totalling about HK$55 million, representing the sum which the four co-defendants had involved in the scam.
Standard Chartered Bank rendered full assistance to the ICAC during its investigation into the case.
The prosecution was today represented by prosecuting counsel Wong Hay-yiu, assisted by ICAC officer Johnny Yiu.
Wanted person Hada Sachiyo:
https://www.icac.org.hk/en/rc/wanted/index_id_85.html
Wanted person Kim Gyeun Bai:
https://www.icac.org.hk/en/rc/wanted/index_id_84.html
Wanted person Mudolo Willah:
https://www.icac.org.hk/en/rc/wanted/index_id_86.html