A 48-year-old man has been jailed for four years and six months, and fined $400,000, by the Court of First Instance after being convicted of bookmaking and money laundering charges.

The court heard Police arrested him at home in Sham Shui Po on September 2, 2001. Betting slips and records with a face value of over $8 million were seized from his residence and company.

Investigations revealed he had laundered about $472 million in proceeds between 1995 and 2001. He was later charged with bookmaking and dealing with property known or believed to represent proceeds of an indictable offence.