A mainland woman was sentenced to six months' jail by the District Court yesterday for opening a bank account in Hong Kong to launder more than HK$7 million - part of funds embezzled by a manager of the Agricultural Bank of China in Shenzhen.
Tang Lindan, 29, had earlier pleaded guilty to one count of money laundering in 2004. Deputy Judge Douglas Yau Tak-hong adopted a starting point of nine months for sentencing, but gave a one-third discount for Tang's guilty plea and clear record.
Prosecuting barrister John Dunn earlier told the court the HK$7.6 million Tang handled in Hong Kong was part of the proceeds of embezzlement by David Peng Weizhi, the former head of the personal financial department at the bank's Shenzhen branch. But Tang claimed she did not know about a 40 million yuan fraud case involving Peng, saying she was only a friend of Peng's wife, Huang Xueer.
The court heard Peng opened two accounts with Oriental Patron Securities Ltd, one in June 2001 and another in July 2002.
Almost HK$13 million was deposited in these accounts in nine transactions between June 2001 and January 2003. Mr Dunn said that between 2001 and 2004, the money was transferred to various bank accounts he opened in Hong Kong.
Peng was arrested in Shenzhen in April 2004 for defrauding the Agricultural Bank of 40 million yuan.
