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Jul 2026Asset management firm owner gets six years and nine months’ jail for laundering $64 million as revealed in ICAC graft probeAn asset management company owner was sentenced today (July 23) at the District Court to six years and nine months’ imprisonment for laundering approximately $64 million in crime proceeds through multiple companies and individuals, as revealed in an ICAC investigation stemming from a corruption complaint.Xiao Rui, 37, owner of Augustine Holdings Limited (AHL), was earlier found guilty after trial of four counts of dealing with property known or believed to represent proceeds of an indictable offence, contrary to section 25(1) of the Organized and Serious Crimes Ordinance (commonly known as money laundering). He was also convicted of one count of using copies of false instruments, contrary to section 74 of the Crimes Ordinance.In sentencing, Deputy Judge Bernard Chung noted that this was a serious case warranting a deterrent sentence. He reprimanded the defendant for repeatedly engaging in cross-boundary money laundering activities involving a substantial sum over a long period, which tarnished Hong Kong’s image. The defendant also used false instruments to apply for entry into Hong Kong, constituting a serious fraudulent act.The ICAC has earlier applied to the court for confiscation of the crime proceeds involved in this case, with the related hearing scheduled for October 7.The court heard that at the material time, the defendant and other individuals jointly set up AHL, an asset management company, along with three subsidiaries. Between March 2014 and November 2023, a total of 38 transactions amounting to over $64 million were deposited into the defendant’s personal bank accounts via at least 12 companies and 12 individuals, which had no business dealings with AHL and its subsidiaries and were not clients of the companies.Additionally, in 2013, the defendant submitted copies of a false certificate of deposit and a false passbook to the Immigration Department for asset declaration in support of a Hong Kong residency application under the then Capital Investment Entrant Scheme.The prosecution was today represented by Senior Public Prosecutor Noelle Aileen Chit, assisted by ICAC officer Jeff Ng. 15
Jul 2026Secretarial company proprietor charged by ICAC gets six months’ jail for bribing bank employee over accounts openingA proprietor of a secretarial company, charged by the ICAC, was today (July 15) sentenced to six months’ imprisonment at the West Kowloon Magistrates’ Courts for offering a bribe of $6,800 to a bank employee for assisting clients referred by her in opening bank accounts.Gu Qian, 39, was sentenced by Principal Magistrate Mr Don So Man-lung to six months’ imprisonment, and fined $2,000. She earlier pleaded guilty to one count of offering an advantage to an agent, contrary to section 9(2)(a) of the Prevention of Bribery Ordinance.At the material time, the defendant was the proprietor of a secretarial company. Between late May and late October 2025, she referred several clients to an assistant customer service manager at a branch of Bank of China (Hong Kong) Limited (BOCHK) in Tsim Sha Tsui. Eight of these clients successfully opened bank accounts with BOCHK.On October 27, 2025, the defendant offered a bribe of $6,800 to the bank employee for assisting clients referred by her in opening bank accounts. The bank employee refused to accept the bribe and reported the incident to BOCHK.Upon receipt of a corruption complaint, the ICAC launched an investigation, during which BOCHK rendered full assistance. The bank accounts successfully opened in this case fulfilled the bank’s due diligence requirements.The prosecution was today represented by ICAC officer Flora Wong. 03
Jul 2026Property vendor sentenced for offering bribe to estate agent for waiving agency commissionOne of the two property vendors, charged by the ICAC for offering a $30,000 bribe to an estate agent for waiving a $155,000 agency commission in relation to the sale of a residential property, was sentenced today (July 3) after entering a guilty plea at the West Kowloon Magistrates’ Courts. The other vendor earlier also pleaded guilty to the charge.Tse Wai-ling, 35, today pleaded guilty to one count of offering an advantage to an agent, contrary to section 9(2)(a) of the Prevention of Bribery Ordinance. She was sentenced by Principal Magistrate Mr Don So Man-lung to six months’ imprisonment, suspended for three years, and fined $5,000.Leung Kee-ming, 48, was earlier sentenced to six months’ imprisonment, suspended for three years, and fined $5,000 after pleading guilty to the above charge of offering an advantage to an agent.The court heard that at the material time, Leung engaged Centaline Property Agency Limited (Centaline Property) to sell a residential flat on Lantau Island. According to the estate agency agreement signed with Centaline Property, Leung agreed to pay one per cent of the property transaction sum as agency commission to Centaline Property upon successful transaction.After subsequently securing a potential buyer for the flat, an estate agent of Centaline Property informed Leung that an offer of $15.5 million had been made. Pursuant to the estate agency agreement, Leung was required to pay an agency commission of $155,000 to Centaline Property upon successful completion of the transaction. The estate agent subsequently arranged for the two vendors and the buyer to sign a preliminary sale and purchase agreement (the preliminary agreement) on December 24, 2023.Tse admitted that she offered a bribe of $30,000 to the estate agent on December 23, 2023, one day before the scheduled signing of the preliminary agreement, to waive the agency commission to be charged by Centaline Property for the property transaction.The estate agent rejected the bribe and reported the matter to Centaline Property on the same day. Centaline Property rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by ICAC officer Gigi Ng. 23
Jun 2026Asset management firm owner guilty of laundering $64 million as revealed in ICAC graft probeAn asset management company owner was convicted today (June 23) at the District Court of laundering approximately $64 million in crime proceeds through multiple companies and individuals, as revealed in an ICAC investigation stemmed from a corruption complaint.Xiao Rui, 37, an owner of Augustine Holdings Limited (AHL), was found guilty after trial of four counts of dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance (commonly known as money laundering). He was also convicted of one count of using copies of false instruments, contrary to Section 74 of the Crimes Ordinance.In convicting the defendant, Deputy Judge Bernard Chung remarked that the offences committed by the defendant were serious in nature. While the case was adjourned to July 23 for mitigation and sentencing, the defendant was remanded in the custody of the Correctional Services Department. The ICAC has applied to the court today for confiscation of the criminal proceeds involved in this case; the related hearing will be scheduled for a date to be fixed.The court heard that at the material time, the defendant and other individuals jointly set up AHL, an asset management company, along with three subsidiaries. Between March 2014 and November 2023, a total of 38 transactions amounting to over $64 million were deposited into the defendant’s personal bank accounts via at least 12 companies and 12 individuals, which had no business dealings with AHL and its subsidiaries, and were not clients of the companies.Additionally, in 2013, the defendant submitted copies of a false certificate of deposits and a false passbook to the Immigration Department for asset declaration in support of a Hong Kong residency application under the then Capital Investment Entrant Scheme.The prosecution was today represented by Senior Public Prosecutor Noelle Aileen Chit, assisted by ICAC officer Jeff Ng. 12
Jun 2026Duo charged by ICAC for $1.3m bribery over property renovation works jailed for 15 and 14 months, bribes confiscatedA then employee of a property investment company and a renovation works contractor, charged by the ICAC for accepting and offering bribes totalling $1.3 million to show favour in relation to property renovation works, were respectively sentenced to 15 months and 14 months in prison at the District Court today (June 12) while the bribes involved were confiscated.Mak Wing-chun, 51, then senior property officer of the leasing department of New Estate Company Limited (New Estate), was sentenced to 15 months’ imprisonment. Mak had earlier pleaded guilty to four counts of agent accepting an advantage, contrary to section 9(1)(b) of the Prevention of Bribery Ordinance (POBO).Co-defendant Lee Shing-kan, 76, sole proprietor of Art Land Decoration Co. (Art Land), received a jail term of 14 months. Lee was convicted after trial of four counts of offering an advantage to an agent, contrary to section 9(2)(b) of the POBO.In sentencing, Judge Mr Clement Lee Hing-nin remarked that clean society is the cornerstone of the rule of law, once this foundation is eroded, fair competition would be undermined. The judge reprimanded Mak for abusing his authority to take bribes, breaching the trust placed in him by his employer and damaging the reputation of the company. The two defendants were equally culpable as Lee acceded to Mak’s bribe solicitations and proactively aided him.Having considered the mitigating factors, Mak and Lee were respectively jailed for 15 months and 14 months. The Judge also ordered the confiscation of $1.2 million bribes offered to Mak by Lee.The court heard that New Estate, a property investment company, owned and managed a portfolio of properties in Hong Kong for lease. At the material time, Mak was responsible for arranging and overseeing contractors to conduct renovation works at New Estate’s properties and certifying the completion of such works before releasing payments to contractors.Between November 2020 and June 2022, New Estate had no internal procurement procedures in place, and inviting quotations or conducting tenders were not required when selecting contractors. During this period, New Estate awarded its renovation works to only two contractors. Art Land, one of these contractors, was awarded most of the renovation projects and received works payments totalling about $26 million over the course of one and a half years.In mid-June 2022, New Estate’s management began requiring its leasing department to invite companies other than the two existing contractors to bid for renovation works when awarding contracts. While Art Land had been awarded numerous renovation projects, Mak informed its proprietor, Lee, of the new procurement requirements, alerting him that New Estate might have discovered that the cost of its works was far above the prices submitted by new bidders.The ICAC investigation stemmed from a corruption complaint. It was revealed that on various occasions, Lee had offered bribes totalling $1.3 million to Mak for showing favour to him regarding arrangements and supervision of renovation works. Mak used some of the bribes to settle payments for his newly-purchased residential flat.New Estate rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by prosecuting counsel Bernard Chung, assisted by ICAC officer Timothy Wu.
Jul 2026Asset management firm owner gets six years and nine months’ jail for laundering $64 million as revealed in ICAC graft probeAn asset management company owner was sentenced today (July 23) at the District Court to six years and nine months’ imprisonment for laundering approximately $64 million in crime proceeds through multiple companies and individuals, as revealed in an ICAC investigation stemming from a corruption complaint.Xiao Rui, 37, owner of Augustine Holdings Limited (AHL), was earlier found guilty after trial of four counts of dealing with property known or believed to represent proceeds of an indictable offence, contrary to section 25(1) of the Organized and Serious Crimes Ordinance (commonly known as money laundering). He was also convicted of one count of using copies of false instruments, contrary to section 74 of the Crimes Ordinance.In sentencing, Deputy Judge Bernard Chung noted that this was a serious case warranting a deterrent sentence. He reprimanded the defendant for repeatedly engaging in cross-boundary money laundering activities involving a substantial sum over a long period, which tarnished Hong Kong’s image. The defendant also used false instruments to apply for entry into Hong Kong, constituting a serious fraudulent act.The ICAC has earlier applied to the court for confiscation of the crime proceeds involved in this case, with the related hearing scheduled for October 7.The court heard that at the material time, the defendant and other individuals jointly set up AHL, an asset management company, along with three subsidiaries. Between March 2014 and November 2023, a total of 38 transactions amounting to over $64 million were deposited into the defendant’s personal bank accounts via at least 12 companies and 12 individuals, which had no business dealings with AHL and its subsidiaries and were not clients of the companies.Additionally, in 2013, the defendant submitted copies of a false certificate of deposit and a false passbook to the Immigration Department for asset declaration in support of a Hong Kong residency application under the then Capital Investment Entrant Scheme.The prosecution was today represented by Senior Public Prosecutor Noelle Aileen Chit, assisted by ICAC officer Jeff Ng. 15
Jul 2026Secretarial company proprietor charged by ICAC gets six months’ jail for bribing bank employee over accounts openingA proprietor of a secretarial company, charged by the ICAC, was today (July 15) sentenced to six months’ imprisonment at the West Kowloon Magistrates’ Courts for offering a bribe of $6,800 to a bank employee for assisting clients referred by her in opening bank accounts.Gu Qian, 39, was sentenced by Principal Magistrate Mr Don So Man-lung to six months’ imprisonment, and fined $2,000. She earlier pleaded guilty to one count of offering an advantage to an agent, contrary to section 9(2)(a) of the Prevention of Bribery Ordinance.At the material time, the defendant was the proprietor of a secretarial company. Between late May and late October 2025, she referred several clients to an assistant customer service manager at a branch of Bank of China (Hong Kong) Limited (BOCHK) in Tsim Sha Tsui. Eight of these clients successfully opened bank accounts with BOCHK.On October 27, 2025, the defendant offered a bribe of $6,800 to the bank employee for assisting clients referred by her in opening bank accounts. The bank employee refused to accept the bribe and reported the incident to BOCHK.Upon receipt of a corruption complaint, the ICAC launched an investigation, during which BOCHK rendered full assistance. The bank accounts successfully opened in this case fulfilled the bank’s due diligence requirements.The prosecution was today represented by ICAC officer Flora Wong. 03
Jul 2026Property vendor sentenced for offering bribe to estate agent for waiving agency commissionOne of the two property vendors, charged by the ICAC for offering a $30,000 bribe to an estate agent for waiving a $155,000 agency commission in relation to the sale of a residential property, was sentenced today (July 3) after entering a guilty plea at the West Kowloon Magistrates’ Courts. The other vendor earlier also pleaded guilty to the charge.Tse Wai-ling, 35, today pleaded guilty to one count of offering an advantage to an agent, contrary to section 9(2)(a) of the Prevention of Bribery Ordinance. She was sentenced by Principal Magistrate Mr Don So Man-lung to six months’ imprisonment, suspended for three years, and fined $5,000.Leung Kee-ming, 48, was earlier sentenced to six months’ imprisonment, suspended for three years, and fined $5,000 after pleading guilty to the above charge of offering an advantage to an agent.The court heard that at the material time, Leung engaged Centaline Property Agency Limited (Centaline Property) to sell a residential flat on Lantau Island. According to the estate agency agreement signed with Centaline Property, Leung agreed to pay one per cent of the property transaction sum as agency commission to Centaline Property upon successful transaction.After subsequently securing a potential buyer for the flat, an estate agent of Centaline Property informed Leung that an offer of $15.5 million had been made. Pursuant to the estate agency agreement, Leung was required to pay an agency commission of $155,000 to Centaline Property upon successful completion of the transaction. The estate agent subsequently arranged for the two vendors and the buyer to sign a preliminary sale and purchase agreement (the preliminary agreement) on December 24, 2023.Tse admitted that she offered a bribe of $30,000 to the estate agent on December 23, 2023, one day before the scheduled signing of the preliminary agreement, to waive the agency commission to be charged by Centaline Property for the property transaction.The estate agent rejected the bribe and reported the matter to Centaline Property on the same day. Centaline Property rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by ICAC officer Gigi Ng. 23
Jun 2026Asset management firm owner guilty of laundering $64 million as revealed in ICAC graft probeAn asset management company owner was convicted today (June 23) at the District Court of laundering approximately $64 million in crime proceeds through multiple companies and individuals, as revealed in an ICAC investigation stemmed from a corruption complaint.Xiao Rui, 37, an owner of Augustine Holdings Limited (AHL), was found guilty after trial of four counts of dealing with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance (commonly known as money laundering). He was also convicted of one count of using copies of false instruments, contrary to Section 74 of the Crimes Ordinance.In convicting the defendant, Deputy Judge Bernard Chung remarked that the offences committed by the defendant were serious in nature. While the case was adjourned to July 23 for mitigation and sentencing, the defendant was remanded in the custody of the Correctional Services Department. The ICAC has applied to the court today for confiscation of the criminal proceeds involved in this case; the related hearing will be scheduled for a date to be fixed.The court heard that at the material time, the defendant and other individuals jointly set up AHL, an asset management company, along with three subsidiaries. Between March 2014 and November 2023, a total of 38 transactions amounting to over $64 million were deposited into the defendant’s personal bank accounts via at least 12 companies and 12 individuals, which had no business dealings with AHL and its subsidiaries, and were not clients of the companies.Additionally, in 2013, the defendant submitted copies of a false certificate of deposits and a false passbook to the Immigration Department for asset declaration in support of a Hong Kong residency application under the then Capital Investment Entrant Scheme.The prosecution was today represented by Senior Public Prosecutor Noelle Aileen Chit, assisted by ICAC officer Jeff Ng. 12
Jun 2026Duo charged by ICAC for $1.3m bribery over property renovation works jailed for 15 and 14 months, bribes confiscatedA then employee of a property investment company and a renovation works contractor, charged by the ICAC for accepting and offering bribes totalling $1.3 million to show favour in relation to property renovation works, were respectively sentenced to 15 months and 14 months in prison at the District Court today (June 12) while the bribes involved were confiscated.Mak Wing-chun, 51, then senior property officer of the leasing department of New Estate Company Limited (New Estate), was sentenced to 15 months’ imprisonment. Mak had earlier pleaded guilty to four counts of agent accepting an advantage, contrary to section 9(1)(b) of the Prevention of Bribery Ordinance (POBO).Co-defendant Lee Shing-kan, 76, sole proprietor of Art Land Decoration Co. (Art Land), received a jail term of 14 months. Lee was convicted after trial of four counts of offering an advantage to an agent, contrary to section 9(2)(b) of the POBO.In sentencing, Judge Mr Clement Lee Hing-nin remarked that clean society is the cornerstone of the rule of law, once this foundation is eroded, fair competition would be undermined. The judge reprimanded Mak for abusing his authority to take bribes, breaching the trust placed in him by his employer and damaging the reputation of the company. The two defendants were equally culpable as Lee acceded to Mak’s bribe solicitations and proactively aided him.Having considered the mitigating factors, Mak and Lee were respectively jailed for 15 months and 14 months. The Judge also ordered the confiscation of $1.2 million bribes offered to Mak by Lee.The court heard that New Estate, a property investment company, owned and managed a portfolio of properties in Hong Kong for lease. At the material time, Mak was responsible for arranging and overseeing contractors to conduct renovation works at New Estate’s properties and certifying the completion of such works before releasing payments to contractors.Between November 2020 and June 2022, New Estate had no internal procurement procedures in place, and inviting quotations or conducting tenders were not required when selecting contractors. During this period, New Estate awarded its renovation works to only two contractors. Art Land, one of these contractors, was awarded most of the renovation projects and received works payments totalling about $26 million over the course of one and a half years.In mid-June 2022, New Estate’s management began requiring its leasing department to invite companies other than the two existing contractors to bid for renovation works when awarding contracts. While Art Land had been awarded numerous renovation projects, Mak informed its proprietor, Lee, of the new procurement requirements, alerting him that New Estate might have discovered that the cost of its works was far above the prices submitted by new bidders.The ICAC investigation stemmed from a corruption complaint. It was revealed that on various occasions, Lee had offered bribes totalling $1.3 million to Mak for showing favour to him regarding arrangements and supervision of renovation works. Mak used some of the bribes to settle payments for his newly-purchased residential flat.New Estate rendered full assistance to the ICAC during its investigation into the case.The prosecution was today represented by prosecuting counsel Bernard Chung, assisted by ICAC officer Timothy Wu.