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Ex-Pok Oi Hospital chairman granted $1m bail
The former chairman of Pok Oi Hospital, Sidney Siu Yim-kwan, was granted bail of HK$1 million yesterday over his alleged London Gold trading scam involving HK$2.68 million.
The 76-year-old retired Siu appeared before High Court judge Susana Maria D'Almada Remedios on his appeal application for bail.
His next court appearance is at Eastern Magistrates' Court on March 31.
It is understood that the prosecution is preparing documents for transferring the case to the District Court.
Siu, who was also the sole director of G Gold Group, was charged with dealing with property known or believed to represent proceeds of an indictable offense.
He is alleged to have used a bank account owned by G Gold in OCBC Wing Hang Bank between February 7, 2018, and February 26, 2019, for money laundering.
The account contained HK$194,488, US$302,548 and A$21,500, amounting to HK$2.68 million.
Without objection from the prosecution, Siu was granted a cash bail of HK$1 million, with his son providing another HK$2 million in sureties, on condition that he does not reside at any other address than his home or leave the city, and confiscation of his travel documents. He was also ordered to report to the police twice a week and not to contact any prosecution witness.
Siu first applied for bail during the previous hearing at the Eastern Magistrates' Court on January 6, but magistrate Betty Lau Suk-han rejected his application. He remained in custody until yesterday's hearing.
Siu was among 14 people arrested when the police cracked down on a large Loco London Gold fraud syndicate in January 2019.
The syndicate had defrauded seven victims of HK$629 million, including renowned Chinese antique collector Kot See-for, 89, who lost HK$580 million to the scammers.
His next court appearance is at Eastern Magistrates' Court on March 31.
It is understood that the prosecution is preparing documents for transferring the case to the District Court.
Siu, who was also the sole director of G Gold Group, was charged with dealing with property known or believed to represent proceeds of an indictable offense.
He is alleged to have used a bank account owned by G Gold in OCBC Wing Hang Bank between February 7, 2018, and February 26, 2019, for money laundering.
The account contained HK$194,488, US$302,548 and A$21,500, amounting to HK$2.68 million.
Without objection from the prosecution, Siu was granted a cash bail of HK$1 million, with his son providing another HK$2 million in sureties, on condition that he does not reside at any other address than his home or leave the city, and confiscation of his travel documents. He was also ordered to report to the police twice a week and not to contact any prosecution witness.
Siu first applied for bail during the previous hearing at the Eastern Magistrates' Court on January 6, but magistrate Betty Lau Suk-han rejected his application. He remained in custody until yesterday's hearing.
Siu was among 14 people arrested when the police cracked down on a large Loco London Gold fraud syndicate in January 2019.
The syndicate had defrauded seven victims of HK$629 million, including renowned Chinese antique collector Kot See-for, 89, who lost HK$580 million to the scammers.
