Boss of HK-listed Ocean Grand to appear in court on fraud counts

The chairman of a Hong Kong-listed company will appear in Eastern Court today charged with conspiracy to defraud, conspiracy to steal, theft and fraud.

Michael Yip Kim-po, 48, chairman of the collapsed aluminium and electroplating chemicals company Ocean Grand Holdings, was arrested at the Lok Ma Chau checkpoint on Monday evening as he tried to enter the city. He had left Hong Kong in July last year.

The Commercial Crime Bureau said Yip, who was on its wanted list, was arrested in connection with allegedly fictitious transactions of a publicly listed company in Hong Kong totalling more than HK$530 million.

Four others, three men aged 33 to 50 and a 41-year-old woman, will appear in court with Yip today. They were arrested between August last year and February this year.

The five face a total of 23 offences, including conspiracy to defraud, conspiracy to steal, conspiracy to deal with the proceeds of an indictable offence, the making of a false statement by a company director, theft, fraud, dealing with proceeds of an indictable offence and access to a computer with dishonest intent.

Yip was born in Dongguan and started his business life in the fur trade. In 1991, with his father, he founded Ocean Grand Holdings, which was mainly engaged in the trading of aluminium products. The business then expanded to other areas, including energy, property and finance.

Mr Yip's private life was a high profile one, including his marriage to former TV actress Gigi Fu Ming-hin. His wife remained in Hong Kong after he left the city.

A spokesman from the Securities and Futures Commission said its investigation into the collapse of Ocean Grand was still going on.