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SCMP Reporter

Promoter used accounts of listed firms under his control to conceal payments

Impresario Abba Chan Tat-chee,  famed as the father of Canto-pop concerts, yesterday admitted stealing HK$25 million from two listed companies he  chaired.

Chan, 59, also known as 'Uncle Ba',  pleaded guilty in the District Court to six charges of money laundering, conspiracy to steal, theft and conspiracy to defraud involving a total of HK$63 million.

Another nine conspiracy and money-laundering charges to which Chan pleaded not guilty were left on file.

Alex Lee Wan-tang,  senior assistant director of public prosecutions, said the offences, committed between April 2004 and April  last year, involved two listed companies - China Conservational Power Holdings  (CCPH), and China Sciences  Conservational Power  (CSCP).

He told Deputy Judge Anthony Yuen Wai-ming that Chan  was appointed chairman of CSCP in February 2004 and executive director in November 2004, when he was also appointed chairman of CCPH.

In April 2004, Chan transferred  HK$11 million from a payment Henan Cable TV  had made to buy CSCP shares to a bank account of Sino-Push Limited,  a  firm he controlled.

The money was disbursed to various parties for Chan's  use.

A further  HK$4 million, with false documents describing it as a loan by CSCP to a subsidiary, was deposited in January  last year into  bank accounts of Sino-Push and Abba International Garment,  both under Chan's control.

The court also heard that  HK$10 million was released in August 2004 from CSCP as a deposit for  buying shares in Beijing China Sciences  General Energy and Environment   by another CSCP subsidiary, Abba China Holdings.

But the money was transferred to another firm belonging to an acquaintance of Chan and was later deposited into six different bank accounts designated by Chan.

Mr Lee said the  money was used to meet Chan's personal liabilities.

He said the stolen corporate funds had had to be paid back before CSCP published its annual report in April  last year, so Chan had engaged in further conspiracies to transfer a total of HK$38 million back to the firm.

The cover-up included false payments purportedly made for a loan to Guilin China Sciences Conservational Power  in relation to a mainland joint-venture project,  an 'earnest money' deposit for a waste incineration and processing project in Meizhou and a loan to another CCPH subsidiary.

The court was told  Chan had given statements to the prosecution and was prepared to testify in the trial of three co-defendants, including  company directors Hong Ming-kong  and Anthony Chow Ho-tung.

Sentencing was adjourned until the end of the trial and the judge adjourned Chan's case to March 5  for mention. Chan was released on HK$400,000 bail.



Canto-pop king admits he stole HK$25m