The Independent Commission Against Corruption has charged four people for graft and misappropriation of corporate funds from two listed companies.

They are Hon Ming-kong, 38, China Sciences Conservational Power former chairman and executive director and China Conservational Power former executive director; Chan Tat-chee, 59, China Conservational former chairman and executive director and China Sciences former executive director; Anthony Chow, 45, China Sciences former executive director and financial controller; and Kan Lai Lai-kan (also known as Lai Kam-tung), 39, a former employee of China Sciences' subsidiary.

They have been released on bail and will appear at Eastern Magistracy tomorrow to face three counts of conspiracy to defraud and one of conspiracy to steal.

Two of the charges involve alleged conspiracies to defraud Central China Enterprises, later renamed as China Sciences, and its shareholders; while another charge concerns alleged conspiracy to defraud China Conservational.

The four people allegedly made false representations in relation to the use of company funds. Hon, Chan and Chow were also alleged to have created and used false accounting documents, causing China Sciences to lose $33 million.

The four people also face a similar charge involving company funds of China Conservational totalling $13 million, and one count of conspiring together and with others to steal $4 million belonging to China Sciences.

The alleged offences took place between January 2004 and April 2005.