Ex-chairman, four former executives among eight held in Hong Kong over HK$8.5 billion false accounting case involving two firms
- Six men and two women, aged 53 to 73, taken into custody during a series of raids across the city on Thursday
- Two firms involved are Champion Technology Holdings Limited and Kantone Holdings Limited, sources say
The Post has learned that the two firms involved are Champion Technology Holdings Limited and Kantone Holdings Limited. The six men and two women, aged 53 to 73, were taken into custody during a series of raids across the city on Thursday.
A force insider said the suspects included an ex-chairman and four former senior executives of the two companies.
“They are suspected of conspiring to fabricate transactions to exaggerate the 2016 assets of the companies and the amount involved was about HK$8.5 billion,” police said in a statement.
Officers from the commercial crime bureau began investigating the case after a referral from the Hong Kong stock exchange in December.
The stock exchange issued a public statement on April 27 to either censure or criticise eight former directors of the two firms for breaches of listing rules that led to huge impairment losses.