Skyworth Digital chairman accused of misappropriating 'substantial' funds
The ICAC has arrested the chairman, three board members and financial controller of television maker Skyworth Digital for alleged corruption relating to fraud and pilfering of corporate funds.
It is alleged Skyworth chairman Stephen Wong Wang-sang misappropriated a 'substantial amount' of company funds, with cash payments disguised as consultants' fees or service commissions.
According to a statement by the Independent Commission Against Corruption, this was done jointly with an executive director and the assistance of the company's financial controller.
Mr Wong, who is also a member of the Chinese People's Political Consultative Conference, was recently ranked the mainland's 31st richest man by Forbes magazine.
In all, 10 arrests were made yesterday in the ICAC operation dubbed 'Determination'. Also arrested was a former accountant accused of accepting bribes and falsifying accounts to assist the company's April 2000 listing on the Hong Kong stock exchange.
The accountant allegedly took bribes in the form of an executive appointment and share options.
