Then chairman of listed company charged by ICAC guilty of $2.4m fraud by inflating tax in saloon purchase

A then chairman of a listed company, charged by the ICAC, was today (March 17) convicted at the District Court of deceiving the company into paying about $2.4 million by inflating the first registration tax of a saloon during the purchase.

Bruce Lee Chun-pong, 42, former executive director cum chairman of PF Group Holdings Limited (PF Group), was found guilty after trial of one count of fraud, contrary to section 16A of the Theft Ordinance.

Deputy Judge Mr Colin Wong Sze-cheung adjourned the case to April 8 for mitigation, pending for the defendant’s background report. The defendant was allowed bail.

The ICAC investigation stemmed from a corruption complaint that revealed the offence. The court heard that at the material time, the defendant was purchasing a saloon for PF Group to promote its car loan business. In early 2021, the defendant made a false representation that the company was required to pay about $2.4 million as the first registration tax of the saloon. ICAC enquiries revealed that the relevant tax amount was inflated by over $800,000. Subsequently, a bank account held by the defendant’s wife received a payment in the sum of over $800,000 made by the relevant car dealer.

PF Group has rendered full assistance to the ICAC during its investigation into the case.

The prosecution was today represented by prosecuting counsel Eddie Sean, assisted by ICAC officer Wing Chan.

The ICAC reminds senior executives of listed companies to comply with the law and uphold a high standard of integrity in order to safeguard the interests of various stakeholders. The ICAC will continue to assist listed companies in enhancing their corruption prevention capabilities and corporate governance. For more details, please visit the “Ethics Promotion Programme for Listed Companies” webpage.