The long-running legal saga involving Lee Ming Tee ended yesterday when the Malaysian tycoon was jailed for a year over his role in a deception to inflate the true value of the Allied Group.
Mr Justice Michael Burrell described the case as 'an extraordinary piece of criminal litigation' and refused to impose a suspended sentence.
Sitting in the Court of First Instance, he noted the serious nature of the offences, which had affected Hong Kong's reputation.
He said Lee, as the then-chairman, bore heavy responsibility for allowing his subordinates to publish false accounts to deceive the company's creditors.
Lee, 64, appeared shocked by the sentence but remained calm in the dock. He was also disqualified from being a director of any company for four years.
He had pleaded guilty to two charges of publishing a false statement or account under the Theft Ordinance. He deceived members or creditors of the Allied Group by publishing misleading consolidated accounts in 1990 and 1991 annual reports.