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Jail over HK$10.5 million loan fraud

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An ex-chairman of formerly listed Luen Cheong Tai International Holdings was jailed yesterday for deceiving a bank and a financial company into granting loans of HK$10.54 million. Chan Man-chuen, 62, was jailed for four years and two months over two counts of conspiracy to defraud, falsifying accounts and false statements by company directors. Chan conspired with others to defraud BII Finance Company and Jian Sing Bank between 2000 and 2001.

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