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Two men, aged 56 and 53, were sentenced to 28 months and 42 months imprisonment today (August 3) at the District Court for false accounting.
The court heard that the 56 and 53-year-old defendants were ex-directors of a de-listed company. Between 2000 and 2002, they set up three bogus companies. Factitious transactions were created between the company and these bogus companies to deceive loans from two banks amounting to $10.5 million. They also falsified the company's financial statements.
Police Commercial Crime Bureau conducted investigations after receiving a report in 2004. The men were arrested in their residences in Ma On Shan and Sha Tin respectively in May 2005.
They were subsequently charged with conspiracy to defraud and conspiracy to falsify accounts. They were convicted last Friday (July 31) and sentences were handed down today.
Police Report No.8
Ends/Monday, August 3, 2009
Issued at HKT 22:33
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