TJB rules on Macau Chinese Bank case: only one defendant found guilty

The Court of First Instance (TJB) found just one defendant guilty in the fraud case linked to the Macau Chinese Bank (MCB) in a ruling issued yesterday. This case involved 15 defendants who were accused of various offenses, including participation in a criminal organization.

Of the 15 defendants, 14 were acquitted, with the court determining that there was insufficient evidence to support the prosecution’s claims.

Five of the acquitted defendants were in preventive custody waiting for the trial. The court ordered their immediate release, according to media reports.

These individuals were all MCB staff members, and were found not to have committed  any wrongdoing while verifying documents provided by borrowers. The court also concluded that they had no personal interest in or benefit from the fraudulent activities.

Among those acquitted was Yau Wai Chu, former president of MCB, who was found not guilty of operating the loan-based fraud scheme that shook the credibility and accounts of the bank.

The case centered around a series of illicitly approved loans under false pretenses, resulting in a loss of over MOP450 million for the bank. 

The only defendant to be convicted by the TJB was businessman Liu Wai Gui, who was sentenced to a total of 18 years of imprisonment after being found guilty of 16 counts of fraud and document forgery.

Liu was judged in absentia, and now faces a warrant for his arrest following the sentence.

In delivering the TJB ruling, Judge Lou Ieng Ha stated, “there was no proof that indicated that Yau and Liu had formed and were leading the alleged criminal organization formed for the purpose of defrauding the bank.”

Judge Lou also noted that all the evidence reviewed pointed to the fact that the relationship between the two was merely institutional, as client and service provider.

The public prosecution will likely appeal this sentence to the Court of Second Instance.