Haldanes secured acquittal for Client accused of 4 charges involving over HK$43 million worth of proceeds
We are proud to announce that Haldanes together with the Counsel team successfully secured an acquittal for our Client after a highly contested 15-day trial in the District Court (DCCC 713/2021).
The Defendant is the owner of a leading garment manufacturing enterprise in PRC with clients including major international clients such as H&M, Levi’s and Zara. It was the Prosecution’s case that the Defendant, during the material time, conspired with a supplier to fraudulently induce and cause the Bank of China to issue three Letters of Credits worth over US$5.5 million (around HK$43 million) in favor of the supplier by providing false documentation. The funds were allegedly transferred to the bank accounts of companies under the Defendant’s control. The case has attracted considerable public attention and media coverage in Hong Kong as well as the Greater China Region.
The trial commenced on 10 October 2022 with the calling of two immunized prosecution witnesses. The Prosecution then applied for rebuttal evidence which was heard in April 2023. On 30 May 2023, the trial judge eventually acquitted the Defendant of all the charges, namely, one count of Conspiracy to Defraud and three counts of Money Laundering.