Recent ICAC Cases

11
May 2022
Man charged as ICAC probe reveals $125m money laundering involving loans from listed company

A former personal assistant of a businessman was charged by the ICAC today (May 11) for allegedly conspiring with the businessman to deal with crime proceeds totalling $125 million, being loans the businessman obtained from a listed company.

The ICAC investigation arose from a corruption complaint referred by the Securities and Futures Commission (SFC), followed by an operation jointly mounted by the ICAC and the SFC last year. The above personal assistant was charged today after seeking legal advice from the Department of Justice. The relevant corruption investigation is continuing.

Lam Chung-kan (also known as Lin Songgen), 48, faces five counts of conspiracy to deal with property known or believed to represent proceeds of an indictable offence, contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A of the Crimes Ordinance.

The defendant was released on ICAC bail, pending his appearance in the Eastern Magistrates’ Courts tomorrow (May 12) for mention.

At the material time, the defendant was a personal assistant of a businessman. It is alleged that in around mid-2015, the businessman arranged the defendant and others to hold substantial amount of shares of publicly listed Sunway International Holdings Limited (Sunway) and arranged some individuals to take up senior executive posts of the listed company.

In early 2016, Sunway started operating money lending business. Between around July 2016 and September 2017, the businessman had allegedly obtained five loans totalling $125 million from the listed company via a number of local and offshore companies controlled by the businessman through the defendant and others. ICAC inquiries revealed that repayments of over $80 million out of the five loans were defaulted.

The charges allege that between July 2016 and October 2017, the defendant conspired together with the businessman and other persons to deal with the above five loans totalling $125 million, knowing or having reasonable grounds to believe that they in whole or in part directly or indirectly represented the proceeds of an indictable offence.

The SFC and the Hong Kong Exchanges & Clearing Limited have rendered full assistance to the ICAC during its investigation.

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