HK company director admits US$6.33m fraud
(Xinhua)
Updated: 2006-04-25 09:40
Hong Kong Win Victory Holdings director and shareholder Mo Yuk-ping admitted
defrauding five banks of 49 million HK dollars (6.33 million U.S. dollars) worth
of letters of credit facilities with bogus documents on business transactions.
According to a government press release, She pleaded guilty to 12 counts of
conspiracy to defraud at the District Court on Monday.
Deputy Judge Colin Mackintosh adjourned the case to April 26 for mitigation
and ordered that another 11 similar charges be left on the court file.
Between June 2001 and March 2003, Mo conspired with others to defraud the
five banks by dishonestly causing Hong Kong Nam Hoi Enterprise to apply to those
banks for 12 letters of credit in favor of Win Victory.
To support the applications, they submitted false documents to the banks,
purportedly showing genuine underlying business trading of plastic raw materials
between Nam Hoi and Win Victory.
The banks then released more than 49 million HK dollars to Win Victory under
the letters of credit.
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