Buyer sold company's goods for himself
A MERCHANDISER who sold his employer's goods privately and pocketed the proceeds was jailed for 18 months.
Prosecuting counsel Mrs Valerie Penlington told the District Court that Liu Wai-ming, 30, was responsible for purchasing electronic components, machine parts and stationery for LTK Industries Ltd.
Between July 19, 1991, and August 12 last year, he purchased goods for his company, but then sold the goods privately. He also purchased goods using the company's credit.
The offences came to light on August 26 last year when it was discovered that cheques issued by the company to Liu for the purchase of goods had been cashed, but the goods had either not been delivered, or had been delivered but not paid for.
Liu admitted the thefts to directors.
He later wrote to the director stating he would return all the stolen money by August 28. He then disappeared.
He was arrested on October 9 as he was crossing the border at Lowu.
Liu pleaded guilty to 16 counts of theft of cash and electronic goods totalling $136,727.
Defence lawyer Mr Paul Cheng said that Liu committed the offences because he had suffered losses in his business, which involved trading with China.
''Owing to his inexperience in business, he suffered losses amounting to $50,000 to $60,000,'' Mr Cheng said, adding that the stolen money was used to pay debts.
