logo
Hong Kong businessman charged with fraud, wife bailed in water procurement scandal

Hong Kong businessman charged with fraud, wife bailed in water procurement scandal

A 61-year-old Hong Kong businessman has been remanded in custody after being charged with defrauding the government to secure a HK$52.9 million (US$6.8 million) contract for supplying drinking water to its offices.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu acknowledged on Tuesday that the procurement deal had 'shortcomings' and said a task force he chaired would meet this week for discussions.
Police escorted Lui Tsz-chung, who claims to be a businessman, to Eastern Court to face a charge of fraud.
His 57-year-old wife, Chan Pik-lam, also arrested over the weekend, was released on bail and required to report to police in mid-September.
Used water bottles marked 'XinLe' at the Hong Kong Squash Centre. Photo: Jelly Tse
The married couple was accused of submitting false claims through their company, Xin Din Xin Trade, with the intent of securing the HK$52.9 million water tender to supply bottled water to government offices on Hong Kong Island and some outlying islands.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Xiaomi posts record revenue of US$16 billion in second quarter on strong electric vehicle sales
Xiaomi posts record revenue of US$16 billion in second quarter on strong electric vehicle sales

South China Morning Post

time26 minutes ago

  • South China Morning Post

Xiaomi posts record revenue of US$16 billion in second quarter on strong electric vehicle sales

Chinese tech giant Xiaomi posted a 30.5 per cent increase in revenue for the second quarter, driven by strong demand for electric vehicles (EVs), even though its core smartphone business experienced flat sales. The Beijing-based company on Tuesday reported revenue of 116 billion yuan (US$16.1 billion) for the three months ended June, a record high that beat analysts' estimates of 114.94 billion yuan. Net profit for the period also reached a record at 10.8 billion yuan, a 75.4 per cent year-on-year increase, exceeding the 8.88 billion yuan forecast by analysts. Xiaomi's Hong Kong-listed shares closed down 1.23 per cent at HK$52.40 on Tuesday ahead of the earnings release. With smartphone sales stagnating, EVs were the primary source of growth for Xiaomi, according to Dan Baker, a senior equity analyst at investment consultancy Morningstar. Revenue from Xiaomi's smart EV, artificial intelligence and other new initiatives business segment reached 21.3 billion yuan in the second quarter.

Hong Kong jobless rate rises to 3.7% as graduates, school leavers enter market
Hong Kong jobless rate rises to 3.7% as graduates, school leavers enter market

South China Morning Post

timean hour ago

  • South China Morning Post

Hong Kong jobless rate rises to 3.7% as graduates, school leavers enter market

Hong Kong's unemployment rate rose to 3.7 per cent over the past three months, with authorities partly attributing the change to university graduates entering the job market, and the construction, catering, retail and property sectors taking the biggest hits. Advertisement Preliminary data released by the Census and Statistics Department on Tuesday showed that the jobless rate for the May to July period increased by 0.2 percentage points compared with the April to June figures. This marks the highest rate recorded in 33 months, when the unemployment rate stood at 3.8 per cent from August to October 2022. Between May and July, unemployment rates rose in several key industries, including the foundation and superstructure sector, food and beverage, retail and real estate. At the same time, unemployment fell in the cleaning, building decoration and maintenance, and social work sectors. Advertisement Secretary for Labour and Welfare Chris Sun Yuk-han said the uptick in the unemployment figure was partly attributable to the influx of fresh graduates and school leavers entering the labour market.

US underestimating China's AI progress, OpenAI's Sam Altman says
US underestimating China's AI progress, OpenAI's Sam Altman says

South China Morning Post

timean hour ago

  • South China Morning Post

US underestimating China's AI progress, OpenAI's Sam Altman says

'I'm worried about China,' the 40-year-old Altman was quoted as saying on Monday in a report by American business news channel CNBC. He indicated that the AI arms race between the US and China was more complex than it appeared. 'There's inference capacity, where China probably can build faster,' he said. 'There's research, there's product; a lot of layers to the whole thing. I don't think it'll be as simple as: is the US or China ahead?' His assessment marks the latest sign that Chinese AI companies have been narrowing the gap with their US peers by using an open-source approach, making the source code of AI models available for third-party developers to use, modify and distribute. Open-source models from Chinese start-ups like DeepSeek and MoonshotAI , along with those from mainland Big Tech firms led by Alibaba Group Holding , have seen increased adoption across the industry on the back of their low-cost appeal and innovative features. Alibaba owns the South China Morning Post.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store