Former Standard Chartered bank staff jailed over HK$28m Africa investment scam
Two former relationship managers at Standard Chartered Bank in Hong Kong have been jailed for three years for swindling HK$28 million (US$3.6 million) from 21 Japanese investors who believed their money would fund development projects in Africa. The District Court on Thursday sentenced Woo Man-ho and Chan Tak-ching on a total of four counts of conspiracy to defraud arising from a transnational…
Two former Standard Chartered Bank relationship managers in Hong Kong have been sentenced to three years in prison for defrauding 21 Japanese investors of HK$28 million (US$3.6 million) through an African investment scam. Woo Man-ho and Chan Tak-ching pleaded guilty to conspiracy to defraud, issuing false documents about Standard Chartered Bank's financial capacity and the investment company ADF Capital Limited.
The court found the scheme premeditated, involving multiple offenders, and reduced their sentences due to their guilty pleas and assistance in prosecuting co-defendants. The bank's reputation was damaged by the breach of trust by the defendants, and the ICAC is still pursuing four overseas suspects in the case.
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