Recent ICAC Cases

30
May 2023
Duo charged by ICAC with money laundering for allegedly conspiring with dummy insurance agent to handle $960,000 commissions

In the course of a corruption investigation by the ICAC, it was revealed that two insurance agents allegedly recruited a person to pose as a dummy insurance agent to obtain commissions and bonuses totalling over $960,000 by making false representations that 13 insurance policies were handled by the latter, and collected most of the sum from the dummy insurance agent. The duo were charged with conspiracy to launder crime proceeds yesterday (May 29).

Kong Chun-ming, 39, and Yau Lai-in, 38, both insurance agents, jointly face one count 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 defendants were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts tomorrow (May 31) for plea.

At the material time, Kong and Yau were insurance agents for an insurer. In May 2019, the duo arranged a friend of Kong to pose as a dummy insurance agent at Chubb Life Insurance Company Limited (Chubb). Chubb subsequently received 13 insurance policy applications and released commissions and bonuses of over $960,000 to the dummy agent who was named as the handling agent.

The ICAC investigation arose from a corruption complaint. Enquiries revealed that the dummy agent did not handle those insurance policies. Upon the defendants’ request, the dummy agent transferred about $840,000 from the commissions and bonuses to bank accounts held by the defendants and retained over $120,000 as his rewards.

It is alleged that between May 2019 and August 2020, Kong and Yau conspired together with the dummy agent and other persons to deal with the aforementioned commissions and bonuses of over $960,000, knowing or having reasonable grounds to believe that it in whole or in part directly or indirectly represented the proceeds of an indictable offence.

Au Yeung Yu-huan, 45, the dummy agent concerned, was earlier charged with one count of conspiracy to launder crime proceeds. He pleaded guilty to the charge and his case was adjourned to September 18 for mention.

Chubb has rendered full assistance to the ICAC during its investigation into the case.

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