A court yesterday refused to grant bail to businessman Michael Yip Kim-po, the founder-chairman of collapsed aluminium products maker Ocean Grand Holdings, who faces fraud and money-laundering charges over his alleged role in false transactions.
District Court Judge Andrew Chan Hing-wai refused a defence application to release Yip, 48, on HK$1 million bail with two sureties.
It was the second bail application lodged by Yip since his arrest in September last year after he left the city for the mainland in July 2006.
Yip and four others, including his sister Yip Wan-fung, face charges including conspiracy to steal, conspiracy to deal with the proceeds of an indictable offence, and dishonest use of a computer, committed in 2005 and 2006. They will stand trial in the District Court on July 6.
Making the bail application yesterday, Charlotte Draycott SC said it had become extremely difficult to take instructions from her client and prepare his case given the large amount of documents involved.
She said Michael Yip left the city on July 14, 2006, with his terminally ill father but had continued to assist investigations by the provisional liquidators over the telephone.