***************************************
A 41-year-old man and a 42-year-old woman were sentenced to three and a half years and three years﷿ imprisonment respectively at the District Court today (January 23) upon conviction of conspiracy to defraud.
The court heard that the male defendant was the director of a trading company engaging in textile business in Hong Kong whilst the 42-year-old woman was responsible for managing the accounts of the company.
In September 2003, the trading company made use of its shell company to obtain a loan from a local credit company for the purchase of two sets of weaving machines. The trading company defaulted payment since October 2004.
In November 2003, the trading company used the same modus operandi and obtained another loan from a local bank for buying 18 sets of weaving machines. The company also defaulted payment since November 2004.
Victims of the loan reported the case to Police Commercial Crime Bureau (CCB) on December 26, 2004 after the repossession of the weaving machines failed.
The outstanding loan of the two cases amounted to $7.68 million.
In January 2005, CCB officers arrested the 41-year-old man in a residential unit in Chai Wan while the 42-year-old woman surrendered to the Police subsequently. The two arrestees were jointly charged with two counts of conspiracy to defraud in May 2005.
Both the defendants pleaded guilty to the charges on January 4 and 5, 2006 respectively and sentences were meted out today.
Police Report No.8
Ends/Monday, January 23, 2006
Issued at HKT 19:51
NNNN
