A former personal assistant to a businessman was convicted by the District Court of conspiring to launder $125 million in crime proceeds, unlawfully obtained through loans from a listed company. The defendant, Lam Chung-kan, also known as Lin Songgen, was found guilty of five counts of conspiracy to deal with property believed to represent proceeds of an indictable offence. The case, which arose from a corruption complaint referred by the Securities and Futures Commission (SFC) and a joint investigation by the ICAC and SFC in 2021, revealed that the businessman used Lam and others to hold shares and obtain loans through companies posing as independent borrowers. Sentencing is scheduled for August 16. The investigation received full assistance from the SFC and Hong Kong Exchanges & Clearing Limited.
Resources: https://www.icac.org.hk/en/p/press/index_id_1921.html