Win Victory Holdings director and shareholder Mo Yuk-ping has been jailed 32 months for defrauding five banks of $49 million worth of letters of credit facilities with bogus documents on business transactions.

She earlier pleaded guilty at the District Court to 12 counts of conspiracy to defraud. The court ordered that another 11 similar charges be left on the court file.

In sentencing, Deputy Judge Colin Mackintosh said Mo played a substantial role in the scam. He said the starting point of four years had been reduced to 32 months, after taking into account the defendant's guilty plea and remorse.

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.

The banks then released more than $49 million to Win Victory under the letters of credit.

Mo is already serving a term for market manipulation and perverting justice in a separate case.