Hong Kong courts

Bail for Hong Kong merchant charged over alleged 100 million yuan investment scam

Sunny Wong and co-defendant accused of swindling cash by falsely claiming their company could compile reports for financing of investment in mainland China

PUBLISHED : Wednesday, 15 August, 2018, 8:38pm
UPDATED : Wednesday, 15 August, 2018, 8:38pm

A Hong Kong merchant accused of involvement in a 100 million yuan investment scam was released on HK$1 million bail by a court on Wednesday, despite prosecutors’ objections.

Sunny Wong, formerly known as Wong Kwai-fun, 62, and his co-defendant, clerk Wong Wai-kit, 37, were charged with one count of conspiracy to defraud following their arrest on Monday.

West Kowloon Court heard the two Wongs were accused of conspiring with others to defraud a man, identified only as X in court documents, into paying 88,000 yuan and HK$880,000 as consultancy fees to Excellent Profit Inc. Prosecutors alleged that they dishonestly said the company was a financial consultancy firm capable of compiling reports for financing purposes.

They were further said to have dishonestly claimed a loan of 100 million yuan would be arranged for X’s investment project in mainland China, based on the company’s report.

The alleged offence spanned from September last year to this February.

No plea was taken on Wednesday.

Prosecutors opposed releasing the two men on bail, but the objection was overruled by acting principal magistrate Ada Yim Shun-yee.

The elder Wong was released on HK$700,000 cash bail and HK$300,00 surety, while the other was released on HK$300,000 cash bail plus HK$100,000 surety.

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Both men were also required to report to police daily, after surrendering their travel documents.

The case will return to the same court for mention on November 7, pending further investigations.

Conspiracy to defraud is punishable by 14 years’ imprisonment.