The Independent Commission Against Corruption (ICAC) today (25th) indicted three former bank managers and a self-employed financial adviser of Standard Chartered Bank on various charges, including conspiring with four foreigners to falsely claim that the bank represented several companies who claimed to be involved in investment projects in Africa. The company held at least 3.3 billion euros (about 25.5 billion Hong Kong dollars) in assets; and through false bank documents, defrauded a number of Japanese investors to invest more than 400 million yen (about 28.4 million Hong Kong dollars) in the companies involved.
Another defendant in the same case was charged with conspiracy to deal with proceeds of crime totalling about HK$55 million.
The five defendants were charged with a total of eight counts.
All the accused were released on ICAC bail pending their appearance at Eastern Magistrates' Courts on Thursday (27th).
The investigation is still ongoing, and the ICAC will not rule out further enforcement actions.
ICAC.
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Four of the defendants are Hu Wenhao (34 years old), Chen Dezheng (34 years old), Leung Ho Yin (35 years old), all former relationship managers of Standard Chartered Bank (Hong Kong) Limited; and Luo Wenhui (48 years old), self-employed financial consultant .
The four were charged with seven counts of conspiracy to defraud.
Co-defendant Gan Kit-Ching (53), manager of ADF Capital Limited, was charged with one count of "money laundering" (conspiracy to deal with property known or believed to represent the proceeds of an indictable offence), contrary to the "Organised and Serious Offences". Section 25(1) of the Crimes Ordinance and section 159A of the Crimes Ordinance.
Uh, several Japanese investors invested in ADF Capital Limited with forged capital certificates
At the time of the incident, Hu Wenhao, Chen Dezheng and Liang Haoxian were account managers of Standard Chartered Bank.
Although the bank will issue documents upon customer request to confirm the balance of their bank accounts, the three persons are not authorized to sign and issue the relevant documents.
Gan Jiezhen is the manager of ADF, which holds an account with Standard Chartered Bank, while Luo Wenhui is a self-employed financial adviser.
The case allegedly occurred between January 2015 and January 2019.
The defendants are suspected of conspiring with four foreign nationals to defraud a number of Japanese investors by using false documents to invest in ADF and various companies.
The false documents were the Certificate of Funds and the Company's Refund Promissory Note, which appeared to be issued by Standard Chartered Bank and signed by Hu Wenhao and Chen Dezheng.
The four foreigners involved in the case are a Zambian man and a Korean man, both of whom are shareholders and directors of ADF; a Thai man who is a Standard Chartered Bank account holder and a client of Chen Dezheng; and A Japanese woman is a director of the company.
False claim that ADF holds 3.3 billion euros to implement economic and humanitarian projects in Africa
Four of the charges allege that Hu Wenhao conspired with Chen Dezheng, Luo Wenhui, the above-mentioned Thai man, Zambian man and Japanese woman to defraud investors by dishonestly claiming that Standard Chartered Bank held assets on behalf of the Thai man33 million euros (about 25.5 billion Hong Kong dollars), and the assets have been transferred to ADF to provide funds for African economic and humanitarian relief projects, and to implement related projects.
The relevant person also falsely claimed that the bank confirmed that the company of the above-mentioned Zambian man held funds of US$1.5 billion (about HK$11.6 billion), which could be used for investment projects in Africa, and falsely claimed that the company held an account in the relevant bank with assets of 2 billion US dollars US dollars (about 15.5 billion Hong Kong dollars).
The ICAC investigation found that Standard Chartered Bank never held the purported assets on behalf of the Thai man, and that the Zambian man's company never held any Standard Chartered Bank accounts.
The above misrepresentation involves the issuance of false certificates of funds.
The other three charges allege that Hu Wenhao and Chen Dezheng allegedly conspired with Liang Haoxian, Luo Wenhui, the Zambian man, the Korean man and the Japanese woman to defraud investors by dishonestly refunding the promissory notes through eight companies It falsely claimed that Standard Chartered Bank was the guarantor of ADF and would make payments to the relevant investors.
The eight company refund acceptance notes are alleged to involve a total of more than US$207 million (about HK$1.6 billion) in acceptances.
These false statements deceived a number of Japanese investors into investing more than 400 million yen (approximately HK$28.4 million) in ADF and the companies involved.
The remaining charge alleges that Gan Jiezhen is suspected of conspiring with the above-mentioned Zambian and Korean men, knowing or having reasonable grounds to believe that a total of over HK$7.3 million and over US$6.1 million (approximately US$4,750,000) were deposited in an account at another bank. 10,000 HKD), in whole or in part, directly or indirectly, represent the proceeds of an indictable offence and still deal with such monies.
Standard Chartered Bank provided full assistance during the ICAC investigation.
The investigation is still ongoing, and the ICAC will not rule out further enforcement actions.
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