Man jailed for theft

A 68-year-old man was sentenced to three years and eight months' imprisonment at the District Court today (April 13) upon conviction of nine counts of theft.

The court heard that the defendant was the director of a Hong Kong company and its beneficial owner through the control of a holding company. In March 1997, he sold 30 per cent shares of the company for $3.6 million. The amount was later credited to the company's bank account but was then transferred to his own account in the same month.

It is further revealed that the shares sold to the purchaser was never delivered but was instead used as security for a US$650,000 deposit placed by another company. The deposit was also transferred to the defendant's bank account in February and March 1998.

Between November 1997 and April 1998, the defendant either issued cheques or withdrew cash from the company's bank account at a total amount of $5.96 million and transferred into his own account.

The defendant fled to the United States in April 1998. The remaining directors of the company made a report to the Commercial Crime Bureau in September of the same year. The defendant was subsequently arrested in the United States in April 2003 and extradited to Hong Kong in December 2005. He was later charged with theft.

The defendant pleaded guilty to his charges and the sentence was meted out today.


Police Report No.14

Issued by PPRB

End/Thursday, April 13, 2006