On August 16, Lam Chung-kan, formerly a personal assistant, was sentenced to five years in prison by the District Court for conspiring with businessman Huang Ziqiang to handle $125 million in illicitly obtained loans from Sunway International Holdings Limited. Lam was found guilty of five counts related to dealing with property representing crime proceeds. Judge Clement Lee highlighted the premeditated nature of the crimes, their cross-border aspect, and the resulting $80 million loss to the listed company as aggravating factors. The ICAC’s investigation, prompted by a complaint from the Securities and Futures Commission, revealed that Lam and others were involved in fraudulent activities to circumvent regulations and defaulted on significant loan repayments. The prosecution was led by Senior Public Prosecutor Audrey Parwani with assistance from ICAC officer Michael Yeung.
Resources: https://www.icac.org.hk/en/p/press/index_id_1928.html
