Man admits laundering HK$95m in four years

Chinese-Canadian used three different passports to open bank accounts

Thursday, 22 August, 2013, 3:52am

A Chinese-Canadian man admitted laundering more than HK$95 million over four years through bank accounts he had opened using three different passports.

Xie Jing-feng, also known as David Chow, 56, yesterday pleaded guilty in the District Court to one count of money laundering.

Prosecutor Leslie Parry told the court that Xie was born on the mainland. He entered Canada in 1997 as a refugee and was granted citizenship after five years. Xie and his wife, Zhu Li-chang, both hold Canadian passports.

Xie, who is not resident in Hong Kong, used a Canadian passport to open an integrated account at HSBC in June 2005, the court heard. The following year, he opened a savings account at Hang Seng Bank using a second Canadian passport that was also in his name but with a different number.

In May 2007, Xie produced a third Canadian passport to open two accounts at Standard Chartered Bank for his company, Civil Finance Limited. He stated that he was a director of the company.

Between June 2005 and April 2009, the court heard, Xie used the four accounts - along with five others that were held by his companies or wife - to launder more than HK$95 million.

No tax returns were submitted to the Inland Revenue Department by either Xie or his companies during this period.

Police began investigating Xie in 2008. He was jailed for eight months in November 2011 after being stopped at the mainland border for using a fake Malaysian passport. He pleaded guilty to the charge in Sha Tin Court.

After further investigation, Xie was arrested for money laundering when he was released from jail on April 30 last year. Judge David Dufton adjourned sentencing until today.

News source: SCMP 22 August 2013 - http://www.scmp.com/news/hong-kong/article/1298400/man-admits-laundering-hk95m-four-years