Integrity Focus

A former manager of a licensed money lender, charged by the ICAC, was today (May 31) sentenced to 19 months’ imprisonment at the West Kowloon Magistrates’ Courts for defrauding the money lender of referral rebates totalling about $320,000 by making false representations that a number of vehicle mortgage loan applications were referred by two intermediaries and laundering crime proceeds.

Tsang Kim-wa, 47, former senior marketing manager of Universal (Asia) Credit Limited (Universal Asia), was found guilty of four charges – one of fraud and one of attempted fraud, contrary to Section 16A(1) of the Theft Ordinance and Section 159G(1) of the Crimes Ordinance; and two of conspiracy to deal with property known or reasonably believed to represent proceeds of an indictable offence (commonly known as money laundering), contrary to Section 25(1) of the Organized and Serious Crimes Ordinance and Section 159A(1) of the Crimes Ordinance.

In sentencing, Magistrate Mr Pang Leung-ting said the defendant was the mastermind of the scheme who played a pivotal role. Her jail term was reduced to 19 months having considered her guilty plea.

The court heard that at the material time, Universal Asia provided vehicle mortgage loans service to its clients. Universal Asia would pay referral rebates to its designated intermediaries upon receipt of business referrals.

Between September 2015 and September 2020, the defendant represented to Universal Asia that a car dealer was the referrer of vehicle mortgage loans set out in 22 forms, causing Universal Asia to pay referral rebates totalling over $270,000 to the latter.

The ICAC investigation arose from a corruption complaint. Enquiries revealed that all applications concerned were not referred by that car dealer. Through the fraudulent means, the defendant obtained and handled the referral rebates concerned.

The defendant also made a similar false representation in another form and attempted to induce Universal Asia to pay referral rebates of about $50,000 to the car dealer. Universal Asia eventually did not process the dubious application.

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

The prosecution was today represented by Public Prosecutor Douglas Lau, assisted by ICAC officer Stella Lau.