Company director in court for $13m export invoice financing loans fraud
A director-cum-shareholder of a trading company (Company A) appeared at the West Kowloon Magistracy today (August 25) after being charged by the ICAC with defrauding a bank of export invoice financing loans totalling about $13 million by using false commercial invoices.
The defendant, 64, who was charged yesterday (August 24), faced four counts of fraud, contrary to Section 16A(1) of the Theft Ordinance.
No plea was taken. Magistrate Ms June Cheung Tin-ngan transferred the case to the District Court for plea on September 14 this year.
The case arose from a corruption complaint. Subsequent ICAC enquiries revealed the above alleged offences.
At the material time, the defendant was the director-cum-shareholder of Company A, which was engaged in plastic home accessories business.
The charges alleged that between December 5, 2013 and January 29, 2015, the defendant falsely represented to the bank that the commercial invoices of Company A issued to four companies submitted in support of applications for export invoice financing loans represented genuine sales and delivery of goods, and with intent to defraud, induced the bank to approve the applications and credit four loan amounts of about $13 million in total into Company A’s account maintained with the bank, which resulted in benefit to Company A or in prejudice to the bank.
The defendant was granted cash bail of $200,000, and ordered not to interfere with prosecution witnesses.
The bank had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by ICAC officer Jacky Lee.