Prosecution failed to prove developer and four others were guilty of $12.3m mortgage scams, says judge
The developer of a luxurious residential project in Tuen Mun has been acquitted of mortgage frauds worth $12.32 million.
District Court Judge Esther Toh Lye-ping said yesterday that the prosecution had failed to prove 49-year-old Tai Chi-wah, the developer of the Villa Pinada residential project in Tuen Mun, had conspired with four others to enter into false property transactions to obtain mortgages from banks.
Mr Tai, former managing director of Gold-Face Holdings, had pleaded not guilty to four counts of conspiracy to defraud involving four houses in the project between January 2002 and May 2003.
The four banks involved are Liu Chong Hing Bank, Bank of East Asia, Bank of China and Bank of America.
Judge Toh also acquitted four co-accused: Lim Hau-chuen, 51, Stanley Cheung Tak-kwai, 45, James Tin Kwok-keung, 48, and Kong Chuen-hung, 46. They had all pleaded not guilty.
Mr Lim was a former director of Gold-Face. Mr Tai and Mr Lim controlled a subsidiary of Gold-Face, True Gold Investment (TGI), which was the developer of the project