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Accused fraudster denies role in alleged $150 million credit scam

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An alleged swindler went on trial without a lawyer yesterday in a $150 million fraud case involving mainland food conglomerate Guangnan (Holdings) Ltd.

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Tsoi Chak-fai, 45, denied 12 counts of conspiracy to defraud in the Court of First Instance.

Mr Justice Louis Tong Po-sun told the jury that Tsoi's decision to represent himself was irrelevant to the issue before them - the accused's guilt or innocence. 'I ask you to exercise great patience and to ignore certain matters [which may be] said or done by the defendant,' he said.

Outlining the prosecution case, barrister Michael Poll said 12 banks were cheated into releasing more than US$17.8 million (HK$139 million) and HK$11.5 million to two trading companies of which Tsoi was in charge between April and November 1998.

The companies, Guangnanyuen Overseas and Kwok Wah Overseas, purported to be selling goods to Victory Land, a subsidiary of Guangnan (Holdings) Ltd, but the goods did not exist, Mr Poll said.

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Guangnan applied for letters of credit on behalf of Victory Land, causing the banks to release the funds, the court heard.

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