Hong Kong college finance chief, wife and contractor held over HK$41m theft

Ray Yip allegedly embezzled funds from Hong Kong Chu Hai College while wife and engineering contractor handled the illicit proceeds The finance director of a private college in Hong Kong has been remanded in custody on suspicion of embezzling HK$41 million (US$5.2 million) over three years, with his wife and an engineering contractor also denied bail for allegedly handling the illicit proceeds. Ray Yip Kam-chun, 49, appeared in Tuen Mun Court on Wednesday to face a count of theft for allegedly stealing from Hong Kong Chu Hai College in Tuen Mun between December 23, 2022, and January 7 this year. His wife, Ng Ka-man, 49, and businessman Ho Chung-ling, 50, were also charged with a total of 15 counts of money laundering. They were accused of handling HK$84.7 million and HK$57.9 million respectively through their personal and company bank accounts. Acting Principal Magistrate Daniel Tang Siu-hung scheduled the next hearing for November 4 before dismissing the trio’s bail applications. The defendants have reserved their rights to renew their bail bids on August 20. They can also apply for bail in the High Court.

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