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Four men aged between 41 and 53 were sentenced to imprisonments ranging from two years and 10 months to four years and 10 months at the District Court today (January 26) after being convicted of conspiracy to defraud in connection with a case of false accounting involving an ex-listed company.
The court heard that two of the defendants, a 53-year-old man and a 52-year-old man, were the Chairman and the Deputy Chairman of the subject company. In January 2001, the duo had fabricated the company accounting records by fraudulently reporting that they had provided a loan of $100 million to the company.
Subsequent to the fabrication of the accounting records, they were benefited by dishonestly receiving the repayment of the bogus loan in the form of cash at $55 million and allotment of ordinary shares of the company amounting to $45 million.
Two other male defendants, aged 41 and 48 respectively, were allegedly involved in the dubious banking transactions.
Officers of Police's Commercial Crime Bureau mounted an arrest operation in May 2005 and the defendants were subsequently charged jointly with one count of conspiracy to defraud.
They were convicted on January 19 at the District Court and the sentences were handed down at the same court today.
Police Report No. 3
Ends/Friday, January 26, 2007
Issued at HKT 16:26
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