Fugitive admits laundering millions via casinos

    A Hong Kong resident who voluntarily returned to the territory after having fled to Canada over 10 years ago has admitted to laundering millions of dollars embezzled by three mainland bank managers. Kwong Wa-po, who returned in 2011 after his mother died in China, pleaded guilty in the District Court yesterday to one count of dealing with property believed to be proceeds of an indictable offence. Kwong, 50, admitted he handled HK$278 million ($35.87 million) in his Standard Chartered Bank account – believed to be proceeds of fraud by Xu Chaofan, Yu Zhendong and Xu Guojun, three former managers at the Bank of China’s Kaiping branch. Kwong admitted that he helped the three managers to arrange loans and debt payments at casinos, including SJM properties in Macau and Crown in Australia.