Hongkong business textile machinery The 2 directors and managers of the agency, through the opportunity to resell the machines to mainland customers, open the shell company for the other side in Hong Kong, apply for a letter of credit to the bank, and exaggerate the price of the machine, so as to successfully grant DBS bank more than 300 million yuan loan. The 2 men were convicted of 14 counts in the district court yesterday, and the case was postponed until 12 next month.

The 2 defendants were 61 year old Xi Kai and 44 year old Yu Wen Zhao, who were charged with 13 counts of conspiracy to defraud. He was accused of 1 counts of offering bribes.

The prosecution refers to Power industry It is the Guangdong agent of textile machinery manufacturing company. Successful traders will receive 1.5% commission from manufacturers. DBS bank, in 2004, has worked with the power to introduce 7% of the interest on loans as a commission to introduce mainland businessmen to apply for loans.

The incident occurred between May 2004 and January 2007. Industrial assistance The 13 mainland textile traders set up shell companies in Hong Kong, and submitted 18 credit applications to DBS bank. 2 defendants instructed the company's accountants to submit documents that exaggerated the price of machines to the bank, and the machines with a price of 450 thousand Hong Kong dollars could be exaggerated to 620 thousand to 660 thousand. As a result, the bank finally awarded 306 million yuan loans.