Skyworth Digital Holdings' former chairman Stephen Wong and former executive director Wong Pui-sing have been convicted at the District Court of their roles in misappropriating company funds totalling over $50 million and conspiring to defraud in relation to the granting of share options.

Stephen Wong, 49, and Wong Pui-sing, 38, were found guilty of two counts of conspiracy to steal and one of conspiracy to defraud. Stephen Wong was further convicted of conspiracy to steal.

Judge Stephen Geiser adjourned the case to July 13 for mitigation and sentence, and remanded the defendants in the custody of the Correctional Services Department.

The court heard between November 1, 2000 and October 31, 2004, Stephen Wong and Wong Pui-sing conspired with Lo Yuk-ying and Wong Pang to steal over $2.2 million belonging to Skyworth Computer & Network Company, and over $48 million belonging to Skyworth Digital Technology (Holding) Company.

Stephen Wong had also conspired with Lo to steal $500,000 belonging to Skyworth (Group) Company between January 2 and June 27, 2001.

The court heard from November 1, 2000 to November 30, 2004, Stephen Wong and Wong Pui-sing had conspired with Lo and Wong Pang to defraud Skyworth Digital.

They had falsely represented that Wong Pang was employed by Skyworth Digital Technology as a consultant responsible for developing and exploring the business of Skyworth Digital Technology and Skyworth Digital in the Mainland.

They also falsely represented that Wong Pang, being a consultant employed by Skyworth Digital Technology, was entitled to the grant of share options for a total of 25 million shares of Skyworth Digital exercisable over four years.

As a result of the false representation, Skyworth Digital was induced to grant a total of 18,750,000 share options to Wong Pang at $0.336 per share, the court was told.