A COMPANY director deceived a bank into giving him letters of credit worth $6 million so he could pay off business debts, the District Court heard yesterday. Suen Man-lee, 36, who imports goods from China and sells them in Hong Kong, pleaded guilty to three charges of false accounting between January and August 1992. The man to whom the defendant owed money, Suen Sze-bun, has admitted the same charges and was sentenced to a suspended prison term on an earlier occasion. Defence barrister Lawrence Lok said the Overseas Trust Bank, which issued the letters of credit on the strength of bogus documents relating to non-existent deals, did not lose any money because it was repaid in full. Mr Lok said that Suen Man-lee's business rivals were quick to take advantage of his situation. 'They stabbed him in the back, spreading the news that he is not trusted by banks in Hong Kong because he has been charged by the Independent Commission Against Corruption,' Mr Lok added. As a result, the defendant now has debts of $10 million and faces a battle to win back lost business. 'His business dropped substantially,' said Mr Lok. Suen Man-lee opened three letters of credit with the Overseas Trust Bank, each for $2 million. Each time the money was paid back within the three months stipulated. But the crime lay in the dishonest way in which the defendant and Suen Sze-bun went about obtaining the credit, the court heard. They provided false information relating to the non-existent purchase of mini-loudspeakers by the defendant's company Sunrise Yau Shing Ltd to Suen Sze-bun's business Bunze (Far East) Enterprises Ltd. Prosecutor David Chan said the bank would never have opened the letters of credit if it had known the truth. Mr Lok pointed out to the judge that the defendant owns property worth almost $15 million which he used as security for the letters of credit. In addition Suen Sze-bun had lodged $2 million in cash as security. Deputy Judge Day adjourned sentence until today.