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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey S. Mitchell who wrote (88653)	12/8/2004 11:29:46 AM
From: StockDung	Read Replies (1) \| Respond to of 122087

Another day to praise Lord, Francois Goelo "Score One" techstocks.com related company brought to justice. U. S. SEC continues to look other way though. To: TheTruthseeker who wrote (14048) 12/8/2004 11:13:56 AM From: SEC-ond-chance of 14049 FINALLY an UPDATE on the SCORE ONE (SCRO/SREA) and Fu Cheong Int'l (HK916) FRAUD 7 up on listed company fraud charges ICAC Seven people have been charged for alleged frauds involving two publicly listed companies, Fu Cheong International Holdings Limited and Yue Fung International Group Holding Limited. They were earlier arrested by the ICAC during a corruption inquiry. The 42-year-old chairman of publicly listed Fu Cheong International Holdings Limited Ho Wing-cheong, is a defendant in the first case, along with the company's former financial controller, Albert Chan Wing-kui, 35, certified public accountant Li Wing-kei, 38, and former company director Kwok Shuk-wah, 32. The four face four counts of conspiracy to defraud in relation to the listing of Fu Cheong and applications for Letters of Credit facilities worth over $89 million. One of the charges alleges they conspired with others to defraud the Stock Exchange of Hong Kong. False info prompted listing approval They are alleged to have falsified sales invoices and accounting records to inflate Fu Cheong and its subsidiaries' sales turnover and profits for the financial years of 1998, 1999 and 2000, to satisfy the exchange's listing requirements. They are also charged with misrepresenting Fu Cheong's financial position and that of its subsidiary in those three years in its prospectus, and submitting documents containing the inflated sales turnover and profit figures. The exchange approved Fu Cheong's application for listing, based on the false information. The second charge alleges the four of conspiring with others to defraud the Stock Exchange and Fu Cheong's shareholders, investors and creditors by dishonestly misrepresenting the company's sales turnover and profits figures in its 2001 Annual Report. Fu Cheong chair charged in L/C conspiracy Ho alone faces one count of conspiring with others to defraud banks by dishonestly causing a subsidiary of publicly listed Yue Fung International Group Holding Limited to apply for letters of credit and trust receipts in favour of a Fu Cheong subsidiary and associated company. False documents were submitted to the banks, which purportedly gave evidence of genuine underlying commercial transactions between Yue Fung and the beneficiary companies. The banks released more than $88 million under the letters of credit to the beneficiary companies. The other charge alleges Ho and Chan of conspiring with others to defraud more than $1 million under a letter of credit by similar fraudulent means. The alleged offences took place between December 1998 and April 2002. Former Yue Fung officers, clerk face three conspiracy counts In the second case, the 49-year-old former chairman of Yue Fung, Lee Wing-kan, Yue Fung's 52-year-old former vice-chairman Lee Wing-chan, and former clerk Chu Mei-yee, 36, have been charged for their alleged roles in letter of credit frauds involving more than $174 million. The three face three counts of conspiracy to defraud. One of the charges alleges them of conspiring with others to defraud banks of more than $88 million under letters of credit and trust receipts. Lee Wing-kan and Lee Wing-chan are jointly charged with two similar offences involving more than $86 million in total. The alleged offences took place between December 1998 and January 2002. The seven defendants, currently on ICAC bail, will appear in Eastern Magistracy at 9:30am tomorrow. news.gov.hk