Business News

Hong Kong business leader appears in court charged with fraud

Jan 8, 2008, 3:03 GMT

Hong Kong - The female head of the Hong Kong General Chamber of Trade appeared in court Tuesday charged with fraud over allegations she was involved in a share options scam. Lily Chiang, 46, who last May became the first female chairperson in the chamber's 146-year history, faced one charge of fraud and two charges of making a false statement as a company director. Chiang, the former head of Pacific Challenge Holdings, was jointly charged with the company's former executive director Shah Tahir Hussain, 45, over the offences which allegedly took place in 2002. No pleas were taken at the brief hearing in Hong Kong's Eastern Court and both defendants were released on bail as the case was adjourned until March 4 for further investigation. The two defendants are alleged to have made false representations to obtain millions of share options in their company and to have written false statements to conceal who the shares were going to. The criminal investigation was conducted by Hong Kong's Independent Commission Against Corruption. A lengthy investigation into Pacific Challenge Holdings was separately conducted by the Securities and Futures Commission. Chiang insisted after her arrest Monday that she would not step down as head of the Hong Kong General Chamber of Commerce, telling reporters: 'I will not resign because I am innocent.' © 2008 dpa - Deutsche Presse-Agentur

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Hong Kong business leader appears in court charged with fraud

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