Fallen queen of commerce expected out of jail today

PUBLISHED : Friday, 08 March, 2013, 12:00am
UPDATED : Friday, 08 March, 2013, 5:21am

High-profile businesswoman Lily Chiang Lai-lei, jailed in June 2011 over a HK$3 million share-option scam, is expected to be released on parole today - International Women's Day.

Chiang, 51, is expected to walk out of Lo Wu Correctional Institution where her husband Gino Yu will be waiting for her, said her sister, lawmaker Ann Chiang Lai-wan, vice-chairwoman of the Democratic Alliance for the Betterment and Progress of Hong Kong.

She does not want the children to see her in the prison

The disgraced former chairwoman of Pacific Challenge Holdings and the first woman to chair the General Chamber of Commerce, was jailed for 3 ½ years after being convicted of fraud, conspiracy to defraud and authorising the issue of a prospectus that included an untrue statement. Co-defendants Tahir Hussain Shah, 45, and Pau Kwok-ping, 54, were jailed for two years and 19 months, respectively.

The daughter of industrialist Chiang Chen was appealing against the conviction this week, claiming the trial judge made a fundamental flaw in the fact-finding exercise. The Court of Appeal yesterday reserved its judgment on the appeal.

Ann Chiang said that her sister, who will have spent more than 21 months in prison, was hoping to make up for lost time with her four children, the youngest of whom is four.

Speaking to the Post, Yu said he visited his wife once a month but their children did not go to see her. "She does not want the children to see her in the prison," he explained.

Yu said they were divided by a glass panel on his visits. The appeal, he added, would try to "clear the name" of his wife.