Former bank boss denies role in $900m credit scam

A former general manager of Hang Seng Bank went on trial yesterday accused of accepting cash and Rolex watches in return for granting mortgages and credit facilities.

Peter Sau Ming, 55, allegedly accepted a total of $627,900 in cash and two Rolex watches from Ho Chi-chun of Au Kiang International Company Limited in return for granting credit facilities, including two mortgages and 258 letters of credit valued at $900 million.

Sau denies five charges of accepting an advantage as an agent. The offences took place between May 15, 1994, and June 27, 1997, the District Court heard.

Ho Siu-hoi, 32, a director of Au Kiang, was accused of conspiring with his father Ho Chi-chun, also a director and a shareholder of Au Kiang, and assistant Karen Yin Hueh-lan, to offer five Rolex watches and unspecified sums in cash to three other people involved in the alleged scam.

The gifts were allegedly offered to Lo Pui-shing and Lam Tze-leung, both credit managers of Hang Seng, and Simon Wong Tai-wai, a marketing officer at the bank, in facilitating the granting of the credit arrangements to Au Kiang and Dero Enterprises Limited.

Ho Siu-hoi denies 10 counts of conspiracy to offer advantages to agents between April 1, 1994, and March 31, 1998.

Lo, 49, denies four counts of accepting an advantage as an agent. He allegedly accepted two Rolex watches and $100,000 in cash between May 13, 1994 and August 31, 1995.