LI is wanted on suspicion of having corruptly conspired with LI Runquan, a director of Ultragrace Ltd., LAI Yu-hong and CHAN Wai-lam, both directors of Commercial Power Investment Ltd. (all are wanted by ICAC), and others to defraud the Bank of China, the Bank of Communications, the Kwangtung Provincial Bank and the Kincheng Banking Corporation. They had, between 1997 and 1998, allegedly used false supporting documents to apply for letter of credit (L/C) facilities from the said four banks and had caused the banks to issue 22 L/C to a total value of HK$102 million.