Handbag maker in court on embezzlement charge
The chairman of handbag maker Wealthmark International (Holdings), Wong Chor-wo, appeared in Eastern Magistracy yesterday charged with misappropriating $20.8 million in company funds.
Wong, 53, is also accused of knowingly making a false statement to the company's auditor, PricewaterhouseCoopers.
Appearing with him was Wong Chun-ping, 49, the sole proprietor of CK Trading, Wealthmark's raw material supplier. He is accused of handling $20.8 million in the knowledge that the money was proceeds from an indictable offence.
No pleas were taken and both men were ordered to reappear in court on May 20.
Outside the court Wong Chor-wo said: 'It will be a long time before the case will be in court for trial, probably sometime next year.'
The Independent Commission Against Corruption arrested the two Wongs and eight other people, including Wong Chor-wo's wife, in November. The others were released without being charged.
The alleged offences took place between February and March 2001.
