An executive director of a listed company yesterday appeared in Eastern Court over alleged fraud in relation to the acquisition of a company.
Ho Yu-ling, 53, executive director of Extrawell Pharmaceutical Holdings, faced one charge each of fraud, conspiracy to defraud and attempted fraud, and two of publishing a false statement.
No plea was taken and Ho was granted HK$3 million bail. The case was transferred to the District Court and adjourned until February 29.
One charge alleged that between January 1 and September 30, 2004, Ho and Ho Chin-hou, another Extrawell executive director, falsely represented that Ho Chin-hou's daughter-in-law and son-in-law were unconnected with the company.
The charges also alleged that the executive directors, with intent to defraud, induced Extrawell to acquire 51 per cent of Smart Ascent - a company actually controlled by Ho Chin-hou - for HK$73 million, benefiting Ho Chin-hou and the two in-laws.
The executive directors were also alleged to have failed to disclose Ho Chin-hou's son-in-law held 49 per cent of the shares of Smart Ascent on his behalf.