A solicitor and four other people have been sentenced by a Hong Kong court to jail terms of up to six years for their roles in fraudulent schemes that used bogus standby letters of credit (L/Cs) to swindle HK$5.93 million (DC World News, 10 July 2006).

The sentences followed a court case that resulted from investigations into the fraud by Hong Kong's Independent Commission Against Corruption (ICAC).

Lawyers' sentences

Proprietor of Paul Chan & Co. Solicitors, Chan Nai-keung, and a law clerk at the same practice, Chiang Pak-yeung, each received a jail term of six years.

They were also ordered to pay the victim companies compensation totalling more than HK$4.7 million.

More sentences

The proprietor of Leading Group Investment Enterprise, Lee Kwok-on, was sentenced to four years and three months imprisonment.

An unemployed man, Albert Lee Tai-sang, was sentenced to two years and 11 months imprisonment; while the proprietor of International Finance Trading Company, Collins Lee Chi-wing, was jailed for two years and five weeks.

Severe reprimands

During sentencing, Deputy Judge Symon Wong remarked that the serious offences committed by Chan and Chiang represented breach of trust of the highest degree. This he said could undermine the reputation of Hong Kong as an international financial centre.The judge also reprimanded Chan, Chiang and Lee Kwok-on for showing no remorse.

Co-defendants

Three other co-defendants have received sentences of between 8-12 months.

An unemployed man, Lui Chung-yee, absconded while on court bail.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.