Hong Kong luxury hotel boss charged with fraud over HK$200m bank loans for 'renovation'
The owner of a four-star hotel in Tsim Sha Tsui has been hit with three fraud charges after allegedly securing HK$200 million in bank loans by falsely claiming the cash would be used for a renovation.
Lau Hei-wing, 59, owner of the Kimberley Hotel, was charged on Wednesday by the Independent Commission Against Corruption. He will appear before Eastern Court today, with prosecutors set to ask for the case to be transferred to the District Court for plea.
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The charges allege that, between February 2 and April 14, 2010, Lau falsely represented to the Industrial and Commercial Bank of China (Asia) that sums of HK$20 million, HK$80 million and HK$100 million were to be used exclusively for renovation of the hotel, and that the money had been paid to an architectural design firm.
He allegedly induced ICBC to release the three sums of money, amounting to HK$200 million, to the bank account of Regent National Enterprises, through which he owned the hotel. Lau has been released on ICAC bail, pending his court appearance today.
