Former Foodpanda exec to serve time

Adelyn Lau

A former financial director of a subsidiary of Foodpanda has been sentenced to seven years and four months in prison for embezzling HK$22.8 million from the company and using it for gambling purposes between 2016 and 2017.

Lau Ka-yiu, 41, pleaded guilty to two counts of theft at the High Court.

During yesterday's trial, Lau tried to show remorse by returning HK$5.98 million. Deputy High Court Judge Douglas Yau Tak-hong took this into consideration during sentencing.

The defense said Lau believed he developed a successful formula for football betting, but it eventually turned into addiction. To cover losses, he resorted to embezzling company funds.

Lau was an accounting manager at Rocket Food Ltd, a Foodpanda subsidiary, and later promoted to finance director with a monthly salary of HK$47,000.

He resigned in October 2017 after confessing to the managing director about misappropriating nearly HK$18 million from the company's bank accounts for gambling purposes.

"[Lau] was highly trusted by his employer when he was the financial director. It allowed him full control over two bank accounts, making it easier for him to conceal his criminal activities," Yau said. Lau admitted his personal account was connected to his Jockey Club account, which he primarily used for gambling. He also said he gambled in Macau and lost around HK$1 million.

Lau expressed regret for causing trouble to others and stated his intention to repay part of the money through 16 transfers, although he failed to stop gambling.

The court learned that Lau made 171 transactions, amounting to HK$28.83 million, from company accounts to his personal bank account between October 2016 and November 2017.

He later made 16 transfers totaling HK$5.98 million from his personal account back to the company account.

Lau immigrated to the United States with his parents in 2000 and graduated from Michigan State University in 2006 with a degree in accounting.

He returned to Hong Kong and worked at KPMG in 2009. He later operated a restaurant, which closed due to poor management in 2018. Lau currently holds a managerial position at a restaurant in Sai Wan Ho.

adelyn.lau@singtaonewscorp.com