Four accused of bribery facilitated HK$75m letters of credit fraud and money launderingLocal | 5 Jun 2020 7:25 pm
The Independent Commission Against Corruption said today four people, including a senior executive of a listed company subsidiary and two directors of two construction companies, have been charged for their alleged roles in a HK$75.3 million letters of credit fraud scam involving over HK$1.7 million bribes, and money laundering.
The defendants are Wang Xiaoshan, 51, deputy general manager of China Railway Construction (HK) Limited, a subsidiary of publicly listed China Railway Construction Corporation Limited; Lau Hing-lung, 56, director of now defunct King Tai Construction Limited and chief administrative officer of now defunct Top Famous Construction Engineering Limited (TFCL); Lo Pui-yu, 69, director of TFCL; and Chan Ka-ho, 33, son-in-law of Lo and director of Azure Industrial Limited. They face a total of 16 charges.
Wang, Lau and Lo face a joint charge of conspiracy to defraud. Wang and Lo further face two joint charges of conspiracy for an agent to accept advantages.
Lau also faces one count of dealing with property known or believed to represent proceeds of indictable offense. Lo further faces 12 similar offenses, one of which was jointly charged with Chan.
They will all appear at the Eastern Magistrates' Courts on Tuesday.