Hong Kong college finance chief, wife and contractor held over HK$41m theft

Ray Yip Kam-chun, the finance director of Hong Kong Chu Hai College, appeared in court on Wednesday, accused of stealing HK$41 million (US$5.2 million) over a three-year period. His wife, Ng Ka-man, and engineering contractor Ho Chung-ling were also charged alongside him, accused of handling the illicit proceeds. Yip, 49, faced a theft charge, while Ng and Ho were each charged with money laundering.

The court deemed all three ineligible for bail. The defendants have the right to reapply for bail on August 20 and can seek a hearing in the High Court. Yip was first detained in May following the discovery of three suspicious bank transactions involving HK$770,000, which were later deemed part of the alleged theft. The college's president, Jane Zhang, filed a lawsuit against Yip, alleging that he disguised illicit transfers as legitimate expenses.

Ho and his company, Rivers Design Engineering, were accused of receiving payments above their contract value for campus work. Ng allegedly utilized the embezzled funds to purchase various properties. The maximum penalties for theft and money laundering in this case are up to 10 and 14 years in prison, respectively. Chu Hai College, founded in Guangzhou in 1947 and relocated to Hong Kong in 1949, offers various undergraduate and postgraduate programs.