Fugitive businessman who fled to mainland after laundering HK$240m faces 7 years' jail

A businessman who absconded to the mainland in July was sentenced to seven years in prison yesterday for laundering more than HK$240 million.

Tsoi Chit-tsang, 45, was believed to be "the central figure" in a complex web of transactions that amounted to more than HK$983 million and involved four of his relatives, Judge Kevin Browne said.

Tsoi's elder sister and brother-in-law had already pleaded guilty and were both jailed for five years and four months in August for laundering more than HK$650 million. His mother and wife were not prosecuted further.

He was convicted in absentia of two counts of money laundering in the District Court yesterday. In passing sentence, Browne said Tsoi himself had laundered HK$209.4 million and US$4.1 million through 11 bank accounts held either in his name or that of a company under his control.

The defendant "was aware of the source of the funds … and it involved substantial … and detailed management and careful monitoring", Browne said.

The court heard earlier that the scheme was carried out over five years until 2009, with money transferred into and out of 28 accounts in seven banks, including Bank of China, Nanyang Commercial Bank and DBS.

On July 21, five days after the trial opened, Tsoi failed to show up in court and was later said to have fled to the mainland.