US extradites businessman back to HK
A local businessman in the textile industry arrived in Hong Kong yesterday after being extradited from the US to face charges of false accounting involving more than HK$40 million.
The 58-year-old garment factory owner, whose surname was given as Chan, is facing 46 fraud charges and will appear in court today.
He allegedly produced false documents to apply for letters of credit worth HK$41.4 million from three banks between July and August 1993. He fled to New York in September of that year before police had received a report, settling in the eastern part of the state.
He was arrested by FBI agents in New York on May 18 last year. The local judiciary has since been working with the US on his extradition.
'It's an unusual case. We have been working on it for over a decade,' said Superintendent Chan Sung-shing of the fraud division of the Commercial Crime Bureau.
Mr Chan said the case had taken a 'tremendous amount of effort and time', including the collection of evidence from countless pages of documents.
The businessman had operated a garment factory in Hung Hom.
'He had failures in his business, and then applied for a number of letters of credit from local banks by producing false accounts and invoices,' Mr Chan said.