Li Wing-kei, Kwok Shuk-wah, and Wan Bing-leung of the former SCRO/SREA fraud (respawned on the HKEx as Fu Cheong INT'L HK 916) jailed in Hong Kong for 9/10 years
THE SEC LET THEM SLIP THROUGH THEIR HANDS BUT THE ICAC GOT THEM AS THEY SCAMMED the HKEx in 3 listing frauds (Fu Cheong, Gold Wo, Yue Fung)
March 28, 2007
Courts
6 jailed in listing fraud
Six people, including the former chairman of delisted Gold Wo International Holdings, have been jailed for up to 10 years by the Court of First Instance for their involvement in a listing fraud and letters of credit scam involving more than $85 million.
Fu Chu-kan, 49, former Gold Wo chairman, and Li Wing-kei, 40, certified public accountant, were each jailed for 10 years.
Kwok Shuk-wah, 34, Win Dragon Consultants director, and Wan Bing-leung, 42, Roger B.L. Wan & Co proprietor, were jailed for nine years.
Fu Yin-ling, 55, former Gold Wo vice-chairman, and Lo Chun-nam, 57, former Gold Wo director, were each jailed eight years.
The court also ordered that the defendants be disqualified from being company directors for a duration same as their terms of imprisonment.
They were found guilty by a jury of a total of five offences after 219 days of proceedings, one of the longest trials in Hong Kong history.
The court heard they dishonestly falsified sales invoices and accounting records to inflate turnover and profit figures of Gold Wo and its subsidiaries for the three financial years of 1998, 1999 and 2000 to satisfy Stock Exchange listing requirements.
They also misrepresented the financial position of Gold Wo and its subsidiaries for the above financial years in its prospectus, and submitted to the Stock Exchange documents containing the inflated turnover and profit figures. As a result, the Stock Exchange was induced to approve the listing application of Gold Wo.
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