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SCMP Reporter

A SENIOR Post Office official swindled two civil servants at the Finance Branch with a fake in-vestment, Western Court heard yesterday.

   Former Controller of Post Richard Liu Yuen-chi, now unemployed, still owes the two executive officers more than $247,000.

 Liu, 37, was also accused of issuing a dud cheque for $50,000 to the Hong Kong Government in lieu of the three months notice required when he left his job.

 He pleaded guilty to six counts of obtaining a pecuniary advantage by deception and five of evasion of liability by deception.

 Prosecutor Man Kwok-wai said Liu met Sincere Leung, executive officer at the Finance Branch, at a social gathering.

 In early July 1993, he told Ms Leung about a joint investment in a parking space at Parc Oasis, Yau Yat Chuen, Kowloon.

 The court heard Liu had claimed he could obtain a parking space for $450,000 through internal subscription. He said a small contribution would be welcome.

 Ms Leung and her colleague at the Finance Branch, Louisa Chan Ka-fung, agreed to invest in the project with Liu and each deposited $56,250 into his bank account later in July.

 Liu prepared a receipt purporting to show he had completed the deal, and faxed it to the women.

 Two months later, Ms Chan asked Liu if he knew of any further investments.

 Cashing in on the opportunity, Liu talked the victim into buying shares of the newly listed Companion Building Material company, claiming he could get the stock through internal subscription.

 Ms Chan and Ms Leung then took 40,000 shares each and deposited a total of $80,000 into Liu's account.

 In July 1994, the women persuaded Liu to sell the parking space and were told they would make a profit of $143,750 each.

 But Ms Leung lost the cheque he gave her for the payment in October. When she reported it to the bank, she was told Liu's bank account was closed.

 On October 24, Liu issued two more cheques which bounced.

   Liu claimed he was upset about his father's health and had made a mistake.

 He only confessed to the women that all the investments were fake after issuing dud cheques again in late 1994 when he could not pay them for 'selling' the shares.

 He has promised to pay them $502,700 by instalment - the money he owed them and the profits the women expected to receive.

 Before being arrested by the Independent Commission Against Corruption last October, Liu had given Ms Chan $125,000 and Ms Leung $130,000.

 He took his holidays from the Post Office in May and never went back. Instead, he issued another dud cheque to the Hong Kong Government in lieu of notice.

 Magistrate Ian Candy adjourned sentencing to January 19 for reports.



Senior official admits swindle