A law firm proprietor and a law clerk allegedly assisted a syndicate engaged in a fraudulent loan agreement and two standby letter-of-credit transactions with a mainland company involving $5 million, a court heard yesterday.
Solicitor Chan Nai-keung, 54, and law clerk Chiang Pak-yeung, 50, are jointly charged with four other people - two of whom pleaded guilty yesterday - with nine counts of conspiracy to defraud and money laundering.
Their trial, along with that of Lee Kwok-on, 37, will begin today.
Albert Lee Tai-sang, 46, and Lee Chi-wing, 48, pleaded guilty before Deputy District Court Judge Symon Wong Yu-wing yesterday and will be sentenced after the trial. They were convicted and remanded in custody. The District Court heard that another defendant, Liu Chun-yee, had absconded.
Prosecutor Thomas Iu said Lee Chi-wing, sole proprietor of the International Finance Trading Company, admitted he had been approached by a man named Stanley Wong in early 2004, and they had agreed to deceive mainland company San Bao Communications.
