Ex-official gets 3-year prison for fund scam
Source: Xinhua |
July 12, 2011, Tuesday
|
Print Edition
Print Edition
A FORMER chairman of a publicly listed company in Hong Kong was sentenced to three years' imprisonment yesterday for his role in embezzling and deceiving corporate funds totaling over HK$63 million (US$8.09 million) from two listed companies.
Abba Chan Tat-chee, 64, former chairman of China Sciences Conservational Power Limited (China Sciences) was charged by the city's top anti-graft body, Independent Commission Against Corruption. He was also former executive director of China Conservational Power Holdings Limited (China Conservational).
Chan was also ordered to be disqualified from being a company director for eight years, according to an ICAC statement.
Judge Stanley Chan said the case involved a large amount of false documents to cover up the wrongdoings and misappropriation of corporate funds, which had hurt the interests of the two companies and their shareholders. He attributed Chan's crimes to greed and pursuit of fame.
Having taken into account Chan's guilty plea and cooperation with the ICAC to testify against other co-defendants in the case, the jail term was cut from the starting point of seven years, the judge added.
Abba Chan Tat-chee, 64, former chairman of China Sciences Conservational Power Limited (China Sciences) was charged by the city's top anti-graft body, Independent Commission Against Corruption. He was also former executive director of China Conservational Power Holdings Limited (China Conservational).
Chan was also ordered to be disqualified from being a company director for eight years, according to an ICAC statement.
Judge Stanley Chan said the case involved a large amount of false documents to cover up the wrongdoings and misappropriation of corporate funds, which had hurt the interests of the two companies and their shareholders. He attributed Chan's crimes to greed and pursuit of fame.
Having taken into account Chan's guilty plea and cooperation with the ICAC to testify against other co-defendants in the case, the jail term was cut from the starting point of seven years, the judge added.
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