Former Carrian boss George Tan Soon-gin yesterday ended the 13-year battle to bring him to justice, pleading guilty to two fraud plot charges involving US$238 million (HK$1.83 billion).
The dramatic development in Hong Kong's biggest fraud case followed last-minute negotiations that led to a deal.
In return for Tan's guilty pleas to charges of conspiracy to defraud, the prosecution agreed not to proceed with 15 other charges involving multi-million dollar fraud and corruption allegations.
Prosecutor Martin Wilson, QC, said the Crown would not ask for costs or request that Tan be made the subject of a criminal bankruptcy order.
But Mr Justice Michael Stuart-Moore asked him to provide details of the burden to the taxpayer of Tan's case and said he would consider making Tan bankrupt.
Mr Wilson told the High Court the prosecution entered into the plea bargain to save the further expense of a multi-million dollar trial.