Guilty plea in Yueshou fraud case

Business | 22 Oct 2013

Yueshou Environmental Holdings (1191) former deputy chairman Kelly Cheng Kit-yin admitted a total of 11 counts of conspiracy to defraud in the District Court yesterday.

Cheng, 57, pleaded guilty so charges would be dropped against her daughter Carmen Cheng Wei-ming, 37.

Carmen Cheng faced 11 charges, including money laundering, documents showed yesterday.

Together with three other company directors, they were accused of using a false letter of credit to the value of HK$31 million to borrow from four banks between 2001 and 2002 under Wing Fai Construction Company, an engineering and construction subsidiary of the listed firm.

The money was then deposited in the defendants' bank accounts.

Wing Fai was liquidated in July the same year.

The case was delayed for more than a year pending an application for dismissal and a judicial review over some missing documents.

In applying for bail, Kelly Cheng's lawyer said no economic loss to the banks or others was suffered.

Three of the other defendants denied all the charges. The hearing will continue today.

IMOGENE WONG

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