The former chair of the Macau Chinese Bank has been arrested for fraud, according to tidings reports from the gaming hub.
Yau Wai Chu is accused of securing fake loans for purported Macau gambling casino projects that bilked the camber come out of the equivalent weight of around US$62 million, according to an indictment from the Macau Public Prosecutor’s Office.
News of the bill of indictment was first off reported by local spreader TDM TV and later on by Macau Business.
‘Criminal Organization’
Chu is accused of leading a outlaw system of 14 other individuals mired in the fraud. They experience from each one been charged with criminal association, camber fraud, and papers forgery.
Some of the fraudulent loans were related to to nonexistent building projects at major properties like the Londoner, Venetian, Grand Lisboa, Treasure Island, MGM, and Wynn casinos, according to prosecutors.
There were also loan requests related to to the expansion of the lite speedy transit line of merchandise to Hengqin, which is currently under grammatical construction and expected to opened inward 2025. In other instances, the conspirators simply invented false companies to apply for loans, prosecutors claim.
Loans were signed turned by cant employees who were members of the conspiracy, according to the indictment. Chu is also accused of persuading the bank’s giving medication to forgo the right checks and balances when employing unexampled staff. Some of these employees are listed as defendants who colluded to O.K. fraudulent loans, per the indictment.
The bill of indictment also names Bobo Ng, former director of Hou Kong Daily News, a Hong Kong-based Chinese-language newspaper. Ng, who is currently in preventative detention, was a representative of at least single of the companies that requested bank loans for bogus contracts, according to prosecutors.
Co-Ringleader at Large
Ng has longstanding golf links to Liu Haigui, who is accused of existence the articulate ringleader of the fraud, on with Chu. Liu is currently untraceable, according to prosecutors. Ng’s ex-husband, Saint David Zou, and sister are also named inward the indictment.
Liu was investigated for papers forgery inwards Macau inward 2014. But Macau public public prosecutor Kong Chi assigned the instance to himself and archived it the same day. That meant charges were dropped, according to court of justice documents. The display case was referenced inward Kong’s tryout for putrefaction and bribery shoemaker's last year, where it was also claimed that Kong and Liu were friends.
Kong was ultimately found shamefaced of a mass of charges, including clapperclaw of power, breach of juridic secrecy, and bribery. He was sentenced to 17 years inward prison inwards Jan of this year.
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