Five jailed in ¥400 million investment fraud case
HK01 · 4 SOURCESabout 7 hours ago5 MIN
Summary
Three defendants were sentenced in the District Court on Monday after earlier convictions in a cross-border investment fraud case involving more than ¥400 million from Japanese investors. Together with two former Standard Chartered Bank client managers who had already been jailed for three years, the case has now resulted in prison terms for five people, while the ICAC is also seeking three other suspects.
Key Points
- Former Standard Chartered Bank (Hong Kong) client manager Leung Ho-yin (梁浩賢), 40, was jailed for 45 months after pleading guilty to conspiracy to defraud.
- Self-employed financial consultant Law Man-fai (羅文輝), 52, received 33 months, while ADF Capital manager Kam Kit-ching (甘潔貞), 58, was jailed for 54 months.
- Two other former Standard Chartered client managers, Wu Man-ho (胡文浩) and Chan Tak-ching (陳德政), had earlier admitted four conspiracy to defraud charges and were jailed for three years.
- The court heard that between January 2015 and September 2016, the defendants used fake proof-of-funds documents and company refund promissory notes to induce Japanese investors to put more than ¥400 million into ADF and other companies.
- The false documents purported to be issued by Standard Chartered, claimed the bank guaranteed ADF, and also falsely stated that related foreign individuals held assets exceeding HK$37 billion for African investment projects.
Why It Matters
Acting District Judge Chung Ming-sun said the case was complex, involved overseas investors and cross-border investments, and was serious enough to affect Hong Kong's reputation as an international financial centre. The ICAC said its corruption investigation uncovered the scheme, and the continued search for three wanted suspects means the case is not yet fully closed.