Ex-Hong Kong hospital chairman acquitted of laundering cash in gold trading scam
Judge says court believes Sidney Siu was deceived by investor, but slams him for negligence and lack of financial awareness
A Hong Kong court has acquitted a former chairman of Pok Oi Hospital who was linked to a London gold trading scam by holding a bank account that was allegedly used to launder more than HK$2.65 million (US$341,000).
Deputy District Judge Jason Wan Siu-ming told defendant Sidney Siu Yim-kwan, 78, that the court believed he had been deceived by a business partner and was unaware that his OCBC Wing Hang Bank account was used for suspicious activities.
But the judge warned that Siu’s failure to remain alert for potential risks had left him open to suspicion.
In November 2017, Siu was invited by Lam Man-cheung, an acquaintance interested in investing in gold product trading, to become the sole director of a new company – G Gold Group.
The former hospital chairman agreed to take up the position and opened an account under the company’s name, into which main investor Lam injected more than HK$3 million as an initial investment.
Between March and December 2018, the account received transfers from unknown sources involving various currencies, such as HK$194,488, US$302,548 and A$21,500 (US$13,600), while another HK$2.7 million was withdrawn from the account.