$50b gold certificate lands man in jail
Updated: 2009-10-16 07:51
By Li Tao(HK Edition)
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HONG KONG: A Korean businessman is going to jail for trying to bribe an assistant bank manager to redeem a bogus $50 billion dollar gold certificate, made out in somebody else's name.
But Paul Francis, defense counsel for Chin Soon-yong, 64, argued his client is a credulous man and uninformed about Hong Kong law. Not only that he said, Chin suffers from high blood pressure and should be spared imprisonment. Magistrate Henry Mierczak was unconvinced.
He ordered Chin to four months of imprisonment for bribery and six months for using falsified instruments. Chin will serve six months in prison in total.
The magistrate said, Chin was fully aware that the copy of the gold bullion deposit certificate was false and he had willfully promised an advantage to an HSBC assistant manager in trying to complete the transaction.
Chin had been found guilty of the two counts on September 25. Sentence was delayed pending a medical report.
Chin was the chairman-cum-director of PK Trading Corporation which was engaged in the trading of electronic components in Hong Kong, the Philippines and the US. On May 21, Chin showed an assistant bank manager at HSBC's head office a copy of the gold bullion deposit certificate.
Chin claimed that when the certificate was redeemed he would deposit the proceeds into a newly opened bank account with HSBC in his company name. He left the copy of the certificate with the assistant manager and told her if she helped him, he would share a portion of the proceeds with her.
The copy of the certificate was confirmed false after the assistant manager reported this matter to her supervisor.
The next day, defendant returned and told the assistant manager he would give the bank 5 percent of the proceeds and share a portion of the money with her personally if she helped him. HSBC reported the matter to the police immediately and Chin was arrested soon thereafter.
(HK Edition 10/16/2009 page1)