Win Victory Holdings director and shareholder Mo Yuk-ping has admitted defrauding five banks of $49 million worth of letters of credit facilities with bogus documents on business transactions.

She pleaded guilty to 12 counts of conspiracy to defraud at the District Court today. Deputy Judge Colin Mackintosh adjourned the case to April 26 for mitigation and ordered that another 11 similar charges be left on the court file.

Between June 2001 and March 2003, Mo conspired with others to defraud the five banks by dishonestly causing Hong Kong Nam Hoi Enterprise to apply to those banks for 12 letters of credit in favour of Win Victory. To support the applications, they submitted false documents to the banks, purportedly showing genuine underlying business trading of plastic raw materials between Nam Hoi and Win Victory.