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

To: StockDung who wrote (88672)	12/14/2004 12:48:11 AM
From: SEC-ond-chance	Read Replies (2) \| Respond to of 122087

Market News ICAC charges Fu Cheong (0916) chmn and 3 for frauds " (Infocast News) The Independent Commission Against Corruption (ICAC) stated that Ho Wing-cheong, 42, chairman of publicly listed Fu Cheong International Holdings Limited (0916); Albert Wing-kui Chan, 35, former financial controller of Fu Cheong; Li Wing-kei, 38, certified public accountant; and Kwok Shuk-wah, 32, former director of Fu Cheong, have been charged for alleged frauds. The four defendants face a total of four counts of conspiracy to defraud in relation to the listing of Fu Cheong and applications for Letters of Credit (L/C) facilities involving over $89 million. The four are currently on ICAC bail, and will appear in Eastern Magistracy at 9:30 am this morning. One of the charges alleges the defendants of conspiring with other persons to defraud the Stock Exchange of Hong Kong. They are alleged to have falsified sales invoices and accounting records to inflate the sales turnover and profit figures of Fu Cheong and its subsidiaries for the financial years of 1998, 1999 and 2000 to satisfy the listing requirements of the Stock Exchange. The charge also alleges them of misrepresenting the financial position of Fu Cheong and its subsidiary for the above three financial years published in the prospectus of Fu Cheong, and submitting documents containing the inflated sales turnover and profit figures, thereby inducing the Stock Exchange to approve Fu Cheong's application for listing. The second charge alleges the defendants of conspiring with other persons to defraud shareholders, investors and creditors of Fu Cheong and its subsidiaries and the Stock Exchange by dishonestly misrepresenting the sales turnover and profits figures of Fu Cheong in its Annual Report for the financial year ended 2001. Ho alone faces one count of conspiring with other persons to defraud a number of banks by dishonestly causing a subsidiary of publicly listed Yue Fung International Group Holding Limited (0965) (Yue Fung) to apply for Letters of Credit (L/Cs) and trust receipts in favour of a subsidiary and an associated company of Fu Cheong (the beneficiary companies). They were said to have submitted false documents to the banks, which purportedly evidenced genuine underlying commercial transactions between Yue Fung and the beneficiary companies, causing the banks to release over $88 million under the said L/Cs to the beneficiary companies. The remaining charge alleges Ho and Chan of conspiring with other persons to defraud over $1 million under a L/C by similar fraudulent means. The alleged offences took place between December 1998 and April 2002. kgieworld.com sg.biz.yahoo.com secinfo.com secinfo.com secinfo.com secinfo.com secinfo.com