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Haldanes secured an acquittal with costs for a client accused of a conspiracy to defraud charge and a fraud charge, involving the purchase of a residential property in the sum of HK$10M

We are proud to announce that Haldanes together with Counsel Mr. Wilson Tam led by Mr. Joseph Tse S.C. secured an acquittal for our client after a 8-day trial at the Shatin Magistracy (STCC 519/2022).

The prosecution alleged that, our client, who was a first time purchaser of a residential property, and 2 estate agents, conspired with the seller of a residential property to defraud bank(s) providing property mortgage loans by dishonestly, falsely representing to the said bank(s) that the purchase price of the property for was HK$10M, while the actual price was HK$10.5M and causing the said bank(s) to grant mortgage loan facilities with a 80% loan-to-value ratio to our client for the purchase of the property.

Our client was additionally accused of falsely represented to the Commissioner of Inland Revenue or his officers that the purchase price of the aforementioned property was HK$10M, while the actual price was HK$10.5M, and with intent to defraud, induce the Commissioner or his officers to levy a lesser amount of ad valorem stamp duty on the property.

The trial commenced on 12 April 2023, during which the prosecution called an immunised prosecution witnesses, the seller of the property.  On 18 August 2023, the trial Magistrate acquitted our client and 2 other defendants of all the charges, and costs were awarded to them.

The lead partner of this case is Timothy Wan.

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