Blackmail case defendant 'couldn't afford' shares, prosecutor tells court

A blackmail defendant could not possibly have bought HK$200 million worth of shares in the listed company chaired by his alleged victim as he did not have the money, the High Court heard yesterday.

Cross-examining defendant Koon Wing-yee, 57, prosecutor Audrey Campbell-Moffat SC said financial documents from 2009 showed that Koon's personal assets at the time were less than HK$20 million.

The documents were obtained in a civil action against Koon by Hui Chi-ming, former chairman of Sino Union Petroleum and Chemical International (Sunpec), the man he is accused of blackmailing.

Koon had previously told the court that far from blackmailing Hui, he had agreed to buy shares in Sunpec in December 2007 after Hui promised him an extra 250 million shares if he bought HK$200 million worth. Koon said Hui had gone back on his word two years later.

Under cross-examination, Koon admitted his personal assets were limited, but said: "My family is very well off."

Koon said his family received HK$72 million in rent each year from properties they owned.

Campbell-Moffat said the records showed Koon could only have afforded to buy one or two million Sunpec shares before December 2007.