'King of luxury property' found guilty in $222m fraud scheme

The 'king of luxury property' can now count Lai Chi Kok Reception Centre as his new abode after a jury yesterday found him guilty of a $222 million fraud conspiracy.

Chin Kam-chiu, 46, former chairman of the Keen Lloyd Group of Companies and a flamboyant speculator, was convicted of a charge of conspiracy to defraud after a Court of First Instance jury deliberated for two days.

The letter of credit fraud scheme he was involved in was put together by senior staff of the Sin Hua Bank, a Bank of China subsidiary.

Those staff members and other Keen Lloyd Group employees also convicted of conspiracy to defraud yesterday were: Keen Lloyd company accountant Tsang Siu-lan, 34; Chow Wai-choi, 44, former deputy general manager of the Sin Hua Bank's credit department; Hau Pui-yee, alias Hau Pui-ming, 53, former assistant general manager of the bank's bills department; and, Ma Kin-fai, 45, former manager of the bank's Castle Peak Road branch.

Mr Justice Pang Kin-kee adjourned sentencing until April 8.

Prosecutor Paul Loughran told the court the defendants had defrauded the bank between November 1, 1998, and April 30, 1999, by filing applications on behalf of Chin's companies, Keen Lloyd (Holdings) Limited and Keen Lloyd Motors Limited, for the issue of 25 letters of credit to finance the purported purchase of goods from other Hong Kong companies.