Court rejects appeal application of 'King of Gold' Raymond Chan

Fallen business giant Raymond Chan Fat-chu, a man once dubbed the 'King of Gold', cannot appeal his conviction last year on charges he defrauded gold trader RNA Holdings of HK$100 million.

Yesterday, the Court of Appeal dismissed the former RNA chairman's fight to overturn a four year and 10 month prison sentence, rejecting arguments that he did not get a fair trial because his barrister was incompetent.

'I have no doubt that [Chan] has had a fair trial,' wrote Mr Justice Robert Tang Ching, who heard the appeal application with Mr Justice Michael Hartmann and Mr Justice Michael McMahon.

The court also rejected appeal requests from two others convicted in the high-profile fraud: former RNA executive director Tsui Muk-ming and Alexander Chan Fat-leung, the company's one-time deputy chairman who is also Raymond Chan's younger brother. Both men received four-year sentences.

Another director convicted in the scandal, Chui Muk-hing, has already been given the go-ahead to appeal his conviction. He was sentenced to two years and two months in jail.

The Chan brothers' business empire - which included four publicly listed companies - collapsed under the weight of massive property investment losses during the Asian financial crisis.

Those losses prompted the pair to ask for help from Li Ka-shing, a friend of their father. But Mr Li's purchase of bonds that would give him about 26 per cent of the gold trader did not rescue the brothers, who were later accused of funnelling a bogus HK$100 million loan to their shell companies in 2000 and 2001. They were arrested in 2005.