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Two Hong Kong businesswomen guilty in US$225 million fraud to be sentenced
Two businesswomen convicted in a fraud and money laundering trial in which businessman Lew Mon-hung was acquitted will learn their fates today for deceiving the stock market regulator and potential investors about the purchase of a US$225 million oilfield in Utah.
Yik Siu-hung and Kitty Yip Sui-kuen, both 45, offered their mitigation arguments in the High Court yesterday after a jury found them guilty the day before of two counts and one count, respectively, of conspiracy to defraud between 2009 and 2011.
Both had teamed up with Pearl Oriental Innovation chairman Wong Kwan to post misleading information in company announcements through the Stock Exchange of Hong Kong, the court heard earlier.
The announcements claimed the oilfield Pearl Oriental raised US$225 million to buy was being sold by an independent third party. But the court heard both Wong and Yik had interests in the seller and had bought the site from the previous owner for just US$60 million.
In mitigation, Yik's barrister, Wong Man-kit SC, told Madam Justice Anthea Pang Po-kam: "The prosecution has not shown that [Yik] had any gain."
Yip's barrister, Eric Kwok Tung-ming SC, said: "She was not doing the offences that she was found guilty of for money, but mainly because of her stupidity and loyalty to the man she had worked for [over] many years."
Yik was also convicted of three money laundering charges involving HK$390 million and 282.6 million shares of Pearl Oriental.
Yip, who was deputy financial officer and administrative manager of Pearl Oriental, helped set up overseas firms that hid Wong and Yik's tracks. She was convicted of one count of laundering HK$3 million from the proceeds of the investment deal.
Lew, who was Pearl Oriental deputy chairman during the charge period, was cleared on Wednesday. During the trial, he maintained his role was only to help Pearl Oriental raise funds for the land, and that he didn't know about Wong and Yik's dealings.
Two businesswomen were jailed for seven and five years respectively yesterday after a fraud and money laundering trial in which outspoken businessman Lew Mon-hung was acquitted on charges he deceived the stock market regulator and potential investors about the purchase of a US$225 million oilfield in Utah.
Jailing Yik Siu-hung, 46, and Kitty Yip Sui-kuen, 45, High Court judge Madam Justice Anthea Pang Po-kam said: "Although much has been said about the lack of evidence concerning actual economic loss, at trial there was evidence from the non-executive director and shareholders [of Pearl Oriental Innovation] … on how they felt cheated."
Yik was sentenced to seven years and Yip five after being convicted by a jury on Wednesday on two counts and one count, respectively, of conspiracy to defraud between 2009 and 2011.
Both had teamed up with Pearl Oriental Innovation chairman Wong Kwan to post misleading information in company announcements through the Hong Kong stock exchange, the court heard previously.
The announcements claimed the oilfield Pearl Oriental raised US$225 million to buy was being sold by an independent third party. But the court heard that both Wong and Yik had interests in the seller and had bought the site from the previous owner for US$60 million.
Yik was also convicted of three money laundering charges involving HK$390 million and 282.6 million shares of the firm.
Yip, who was deputy financial officer and administrative manager of Pearl Oriental, helped set up overseas firms that hid Wong and Yik's tracks. She was convicted of one count of laundering HK$3 million from the proceeds of the investment deal.
Pang stressed the importance yesterday of true and accurate information released by listed companies to the stock exchange and the public.
She said: "Equally, [the stock exchange], being part of the monitoring and regulatory system of our stock market, is aware that members of the public, including any potential investors, expect to get true and accurate information about businesses carried out by listed companies."
She added that the regulatory regime that had been put in place was an important factor of the city's success as a world-renowned financial centre.
On Wednesday, Lew, who was Pearl Oriental's deputy chairman, was acquitted after the jury unanimously found him not guilty on three charges he faced.
