HONG KONG — A former Pok Oi Hospital chairman, Sidney Siu Yim-kwan, has been acquitted of money laundering after a Hong Kong court ruled he had been deceived by an investor involved in a London gold trading scam.
However, Deputy District Judge Jason Wan Siu-ming criticized the 78-year-old businessman for his lack of financial awareness and negligence, which left him vulnerable to suspicion.
Gold Trading Scam & Money Transfers
In 2017, Siu was approached by Lam Man-cheung, an investor interested in gold trading, to become the sole director of G Gold Group.
Siu opened a company bank account, which later received HK$2.65 million (US$341,000) in transfers from unknown sources between March and December 2018.
One victim, a New Zealand national, transferred US$120,000 to a company linked to Siu’s account, raising red flags.
In January 2019, Hong Kong police cracked down on Lam and a suspected London gold fraud syndicate.
Judge: Siu Was Deceived but Negligent
Siu claimed he was unaware of the fraudulent transactions and resigned as director immediately upon learning about the suspicious activity.
Judge Wan ruled that while Siu lacked awareness of financial security, prosecutors failed to prove that he knowingly engaged in money laundering. He was ultimately found not guilty of the charge.
