Hong Kong banker jailed for 10 years for helping vice ringleader launder HK$134 million

Former UBS director had taken earnings from prostitution, laundered it through luxury cars and properties while maintaining lavish lifestyle

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An investigation revealed Suen owned a total of five properties in Britain and mainland China worth a total of HK$29 million. Photo: Sun Yeung

Published: 8:27pm, 21 Jun 2024

A former UBS associate director in Hong Kong has been jailed for 10 years for laundering more than HK$134 million (US$17 million) for a prostitution ringleader in mainland China, through the purchase of luxury cars and dozens of properties outside the city.

Suen Kin-wing, 36, pleaded guilty earlier this year to two counts of money laundering for handling the ill-gotten gains with his two local bank accounts between 2016 and 2018.

Prosecutors agreed not to pursue other additional charges of fraud and theft provided that he admitted handling the illegal proceeds.

Mr Justice Johnny Chan Jong-herng told the High Court on Friday the money had very likely originated from an illegal prostitution business run by Suen’s client Yu Guanli, who has been sentenced to 15 years behind bars by a mainland court.

Chan found the ex-banker had clear knowledge the HK$134 million must have been the proceeds of an illegal business.

He rejected Suen’s claim he thought the mainlander had sought his help in order to hide his vast assets from his wife.

“It is clear that the defendant benefited financially from [his dealings],” the judge said in sentencing.