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Hong Kong private college finance chief remanded in HK$41m theft case
The finance director and two others face theft and money laundering charges tied to multiple bank transactions, with next court hearing set for Nov. 4.
South China Morning Post reports that the finance director of Hong Kong private college Hong Kong Chu Hai College was remanded in custody on suspicion of embezzling HK$41 million (US$5.2 million) over about three years.
According to the outlet, Ray Yip Kam-chun, 49, appeared in Tuen Mun Court to face a theft count covering alleged stealing from the college between Dec. 23, 2022, and Jan. 7. His wife, Ng Ka-man, 49, and engineering contractor Ho Chung-ling, 50, were also denied bail as they faced a total of 15 money laundering counts.
The report says prosecutors accused the trio of handling illicit proceeds through personal and company bank accounts, including alleged amounts of HK$84.7 million linked to the wife and HK$57.9 million tied to the contractor.
The outlet adds that the acting principal magistrate scheduled the next hearing for Nov. 4 after dismissing their bail applications, and said the defendants could renew their bail bids on Aug. 20 or seek bail in the High Court. The finance director was first arrested in May after the college president, Jane Zhang, reported three unusual bank transactions in his personal account totaling about HK$770,000.