Ex-marketing executive charged with $8.6m payments fraud
2018-12-13
A former marketing executive of a stationery trading company has been charged by the ICAC with fraud by falsely inducing the company to pay over $8.6 million to another trading firm owned by his family members for products purportedly supplied by an electronics company on the Mainland.
Cheung Chi-keung, 37, former marketing executive of Nan Kang Company Limited (Nan Kang), who was charged yesterday (December 12), faces one count of fraud, contrary to Section 16A of the Theft Ordinance.
The defendant will appear at the Kowloon City Magistracy tomorrow (December 14) for transfer to the District Court for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offence.
At the material time, the defendant was a marketing executive of Nan Kang, a stationery trading company, which had started sourcing paper shredders and laminators with an electronics company on the Mainland since 2009. He was responsible for placing orders with and arranging payments to the electronics company.
The charge alleges that between January 1, 2010 and November 5, 2015, the defendant failed to disclose to Nan Kang his family members’ interests in a trading firm whilst he was an employee of Nan Kang, and falsely represented to Nan Kang that the trading firm was established by the electronics company in Hong Kong, and with intent to defraud, induced Nan Kang to pay a total sum of over $8.6 million to the trading firm, which resulted in benefit to the trading firm or prejudice to Nan Kang.
ICAC enquiries revealed that the trading firm was in fact owned by the father and the wife of the defendant.
Nan Kang has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Friday.
Cheung Chi-keung, 37, former marketing executive of Nan Kang Company Limited (Nan Kang), who was charged yesterday (December 12), faces one count of fraud, contrary to Section 16A of the Theft Ordinance.
The defendant will appear at the Kowloon City Magistracy tomorrow (December 14) for transfer to the District Court for plea.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offence.
At the material time, the defendant was a marketing executive of Nan Kang, a stationery trading company, which had started sourcing paper shredders and laminators with an electronics company on the Mainland since 2009. He was responsible for placing orders with and arranging payments to the electronics company.
The charge alleges that between January 1, 2010 and November 5, 2015, the defendant failed to disclose to Nan Kang his family members’ interests in a trading firm whilst he was an employee of Nan Kang, and falsely represented to Nan Kang that the trading firm was established by the electronics company in Hong Kong, and with intent to defraud, induced Nan Kang to pay a total sum of over $8.6 million to the trading firm, which resulted in benefit to the trading firm or prejudice to Nan Kang.
ICAC enquiries revealed that the trading firm was in fact owned by the father and the wife of the defendant.
Nan Kang has rendered full assistance to the ICAC during its investigation into the case.
The defendant has been released on ICAC bail, pending his court appearance on Friday.