Former chairman of a Hong Kong listed company, charged by the Hong Kong Independent Commission Against Corruption (ICAC), has been convicted of submitting false statements to auditors for covering up the misappropriation of company funds totaling 20.8 million HK dollars (2.67 million U.S. dollars).

Wong Chor-wo, 54, former chairman of Wealthmark International (Holdings) Limited (Wealthmark), was on Wednesday found guilty of 17 offenses -- seven of theft, four of furnishing false information, three of using false instruments, one of using copies of false instruments and some other offenses, according to an ICAC press release on Thursday.

Also charged in connection with the case was his 50-year-old cousin Wong Chun-ping, who was found guilty of two counts of dealing with property known or believed to represent proceeds of an indictable offense.

The case arose from a corruption complaint. Subsequent ICAC inquiries revealed the above offenses.

The court heard that since 1987, Wong Chor-wo had operated Wallmark Enterprise Company Limited (Wallmark), which later became a subsidiary of Wealthmark.

Between Feb. 16 and March 21, 2001, Wong Chor-wo had stolen seven sums of funds totaling 20.8 million HK dollars from Wallmark, said the press release.

To cover up the misappropriation, Wong Chor-wo, in furnishing information for the making of entries in the accounts of Wealthmark, produced four false receipts between Feb. 19 and March 26, 2001.

The court heard that when confronted by the listed company's auditors, Wong Chor-wo had used various false documents or copies of false documents to cover up the scam.

Deputy Judge Adriana Noelle Tse remanded the defendants in the custody of the Correctional Services Department. She adjourned the case to 2:30 p.m. on Friday for sentence.

Source: Xinhua