Five people have been charged by the Independent Commission Against Corruption for alleged conspiracy to defraud over the listing of Gold Wo International Holdings and applications for letters of credit totalling over $290 million.

Fu Chu-kan, 46, Fu Yin-ling, 51, and Lo Chun-nam, 53, respectively the former chairman, vice-chairman and director of Gold Wo, and accountant Li Wing-kei and Win Dragon Consultants director Kwok Shuk-wah, will appear at Eastern Magistracy tomorrow on four counts of conspiracy to defraud.

The first charge alleges Fu Chu-kan, Lo, Li and Kwok conspired with others to defraud the Stock Exchange.

They were alleged to have falsified sales invoices and accounting records to inflate the turnover and profit figures of Gold Wo and its subsidiaries for the financial years of 1998, 1999 and 2000 to satisfy the listing requirements of the Stock Exchange.

The charge also alleges they misrepresented the financial position of Gold Wo and its subsidiaries in these same financial years published in its prospectus, and submitted documents containing inflated turnover and profit figures, thereby inducing the Stock Exchange to approve the company's application for listing on the Stock Exchange.

The second charge alleges both Fus, Kwok and Li conspired with others to defraud shareholders, investors and creditors of Gold Wo and its subsidiaries and the Stock Exchange by dishonestly misrepresenting its sales turnover and profit figures in its annual report for the financial year ended 2001.

The remaining two charges allege the Fus and Lo with others defrauded a number of banks by dishonestly causing Yue Fung Development Company, Gold Wo Melamine Product Company and Richlink Asia to apply for letters of credit in favour of beneficiary companies.

They are said to have submitted false documents to the banks, which purportedly evidenced genuine underlying commercial transactions between the applicants and the beneficiary companies.

It is alleged that the banks were caused to release $184,638,161 and $105,399,425 respectively to the beneficiary companies under the said letters of credit.

The alleged offences took place between November 1998 and December 2002.