The Independent Commission Against Corruption has charged director and shareholder of Win Victory Holdings Limited Mo Yuk-ping for allegedly defrauding five banks of $89 million worth of letters of credit facilities with bogus documents on business transactions.

Mo, 42, has been released on ICAC bail, and will appear at Eastern Magistracy at 9.30am tomorrow on 23 counts of conspiracy to defraud that took place between June 2001 and March last year.

The charges allege Mo of conspiring with other people to defraud five banks by dishonestly causing Hong Kong Nam Hoi Enterprise Limited to apply to the banks for the issue of a total of 23 letters of credit in favour of Win Victory.

False documents used to secure letters of credit

To support the applications, they allegedly submitted false documents to the banks, purportedly evidencing genuine underlying commercial transactions between Nam Hoi and Win Victory.

The banks then released a total of $89 million to Win Victory under the letters of credit.