Hong Kong college finance chief remanded over HK$41m theft
SCMP · 1 SOURCESabout 1 hour ago2 MIN
Summary
The finance director of Hong Kong Chu Hai College in Tuen Mun has been remanded in custody after being charged with stealing HK$41 million from the institution over a period running from late 2022 to early this year.
His wife and an engineering contractor were also denied bail after being charged with a combined 15 counts of money laundering tied to funds allegedly moved through personal and company bank accounts.
The case was mentioned at Tuen Mun Court on Wednesday, where Acting Principal Magistrate Daniel Tang Siu-hung set the next hearing for November 4.
The three defendants reserved the right to renew their bail applications on August 20 and may also seek bail in the High Court.
Key Points
- Ray Yip Kam-chun, 49, faces one theft charge alleging he stole from Hong Kong Chu Hai College between December 23, 2022, and January 7 this year.
- Ng Ka-man, 49, and businessman Ho Chung-ling, 50, were charged with 15 money-laundering counts involving HK$84.7 million and HK$57.9 million respectively.
- Yip was first arrested in May after college president Jane Zhang reported three unusual transactions totalling about HK$770,000 involving his personal account.
- The college sued Yip in June, alleging illicit transfers were disguised as academic and administrative expenses, including a “long service payment” despite his continued employment.
- Ho and Rivers Design Engineering allegedly received campus works payments above entitlement, while Ng allegedly bought properties after receiving transfers from Yip.
Why It Matters
The case raises concerns about internal financial controls at private educational institutions in Hong Kong, especially where senior staff can approve or route payments.
It also shows how suspected misappropriation cases can quickly expand into parallel criminal and civil proceedings, including asset-freezing orders and money-laundering allegations.