Ex-Kingworld Medicines Employees Face Fraud Charges

MT Newswires Live

Nov 14, 2024

Two former Kingworld Medicines (HKG:1110) employees face charges for alleged false representations to defraud the company of services worth HK$1.1 million, according to a Wednesday press release by Hong Kong's Independent Commission Against Corruption.

Former Kingworld Medicine Healthcare General Manager Watson Yau Wei-ching and former marketing officer Alen Yu Yuen-to allegedly made false representations regarding consultancy and other services given by a secretarial services company, the commission said.

Yau and Yuen-to face two joint counts of fraud, while Yau faces another count of fraud. Asia Great Services director Chau Pak-ho, a business partner of Yuen-to, also faces money laundering charges.

Both Yau and Yuen-to have resigned from their posts between July and August, Kingworld said in a separate filing on Thursday.

The cases will not adversely impact the company as the amount only comprises a small percentage of its total assets, Kingworld said.

Shares closed 5% lower during Thursday's trading.

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Asia Great Services director Chau Pak-ho, a business partner of Yuen-to, also faces money laundering charges.Both Yau and Yuen-to have resigned from their posts between July and August, Kingworld said in a separate filing on Thursday.The cases will not adversely impact the company as the amount only comprises a small percentage of its total assets, Kingworld said.Shares closed 5% lower during Thursday's trading.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}