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A former Hang Seng Bank executive is believed to be on the run after allegedly defrauding wealthy clients of more than $30 million.

Ng Hang-chung is accused of illegally 'investing' money from customers' accounts in a series of companies owned by his wife, Yuen Cam-fung, who is now in England. Hong Kong authorities allege she was Ng's partner in crime as the pair milked a series of Hang Seng accounts.

She faces seven charges of furnishing false information. But a bid by the SAR authorities to put the couple on trial suffered a serious setback this week when a UK court refused to allow the extradition of Mrs Yuen to proceed.

When the South China Morning Post  tracked down Mrs Yuen in the UK yesterday she wept and claimed she had no knowledge of her husband's whereabouts.

Speaking from her home in Earl's Court, west London, she said: 'I don't know where he is. I don't want to speak to anyone. It has really upset me. I have an appointment to see a nurse and can't talk any more.'

The 52-year-old's alleged role only emerged at Bow Street Magistrate's Court in London when the extradition hearing took place on Tuesday.

It was only during the hearing that a glimpse of the alleged fraud emerged.

District Judge Nicholas Evans said: 'The Government of the HKSAR of the People's Republic of China seeks the return of Mrs Yuen so that she may face trial in Hong Kong. It is alleged that her husband Hang-chung Ng engaged in criminal conduct and that she aided and abetted him in that criminal conduct.

'Mr Ng was employed as a senior manager with the Hang Seng Bank and it is said he dishonestly manipulated accounts at the bank making undisclosed and unauthorised investments which ultimately caused losses of about HK$30 million to the account holders.'

The seven charges against Mrs Yuen stemmed from the losses suffered by two Thai nationals who were customers of the bank. One lost more than HK$5 million and the other HK$143,349.

Ng is alleged to have stolen from the accounts of the two men and paid the money into three companies: Europa Trading Co, JP Consultancy (UK) Ltd and Profita Trading Co.

Judge Evans said: 'In each case Mrs Yuen was the owner/director of the company and signatory to the bank account. Very shortly after the stolen money was credited to the respective company accounts it was withdrawn.

'The court is entitled to infer that she must have known the money was stolen, given the size of the amounts and the speed of its removal. The most appropriate charge to reflect Mrs Yuen's conduct, had that occurred in the United Kingdom, would have been second limb handling.'

Judge Evans said, however, that second limb handling - which refers to helping people to dispose of stolen goods - was not a charge liable to extradition. It is not believed to be part of the extradition agreement between the UK and Hong Kong.

As a result, said Judge Evans, the charges of furnishing information are aimed 'at the acts of Mr Ng and what he did at the bank - there is absolutely no evidence to suggest that Mrs Yuen ever attended the bank or touched or dealt with any of the documentation that features in these charges'.

Judge Evans said that although Mrs Yuen might have 'counselled, procured or otherwise encouraged' Ng to act in this way, there was no evidence put before the court to indicate this.

Ng stopped working at Hang Seng in 1998 but the circumstances of his departure are not known. A bank spokeswoman declined to comment.

A Justice Department spokeswoman refused to comment on Ng but added: 'We can't serve an extradition warrant until we have located the person.'

A UK Home Office spokesman said that if the SAR appealed the case would either go to the High Court or directly to the House of Lords.



Ex-Hang Seng Bank official 'on run' after $30m fraud alleged