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Jane Moir

Former CA Pacific director Alex Wong Ching-ping yesterday took the stand as a key prosecution witness in the trial of his younger brother.

 The elder sibling told a jury he believed a mystery buyer was acquiring the Century Square building that Jason Wong But-sit is accused of purchasing by stealing $248 million from CA Pacific Finance.

 An offshore company set up by Jason Wong and his wife Elizabeth Kong Suk-yee - China Star Consultants - bought the property in late 1997 for $1.24 billion, according to the prosecution.

 This was through funds from a CA Pacific Finance bank account obtained without approval, it is alleged.

 Alex Wong told the court he believed CA Pacific and 41.39 per cent shareholder Capital Asia - which he then chaired - had only been interested in acquiring a few floors.

 'In the past, we discussed it and CA Pacific wanted to buy five floors, Capital Asia wanted to buy two floors, the younger brothers wanted to buy two floors, and that was all. That was the intention,' he said.

 Jason Wong was acting as CA Pacific's 'consultant', having resigned as general manager in 1996. He was still regarded as the boss, however, the prosecution says.

 Essentially, this meant he was able to do as he pleased, the jury heard. When asked if Jason Wong could do whatever he wanted in respect to the company, Alex Wong responded: 'I think mostly, I believe that mostly that's the case.'  The prosecution alleges Jason Wong failed to get board approval for use of the funds to buy the property and produced bogus, back-dated loan agreements.

 He denies eight charges of theft between September and December 1997. Along with his wife, he has also pleaded not guilty to false accounting between November and December the same year.

 Both claim to have received approval from Alex Wong for the purchase of Century Square.

 The case, before Mr Justice Gareth Lugar-Mawson, continues on Monday.



Wong brother tells trial of mystery buyer belief