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An asset management company owner was sentenced today (July 23) at the District Court to six years and nine months’ imprisonment for laundering approximately $64 million in crime proceeds through multiple companies and individuals, as revealed in an ICAC investigation stemming from a corruption complaint.
Xiao Rui, 37, owner of Augustine Holdings Limited (AHL), was earlier found guilty after trial of four counts of dealing with property known or believed to represent proceeds of an indictable offence, contrary to section 25(1) of the Organized and Serious Crimes Ordinance (commonly known as money laundering). He was also convicted of one count of using copies of false instruments, contrary to section 74 of the Crimes Ordinance.
In sentencing, Deputy Judge Bernard Chung noted that this was a serious case warranting a deterrent sentence. He reprimanded the defendant for repeatedly engaging in cross-boundary money laundering activities involving a substantial sum over a long period, which tarnished Hong Kong’s image. The defendant also used false instruments to apply for entry into Hong Kong, constituting a serious fraudulent act.
The ICAC has earlier applied to the court for confiscation of the crime proceeds involved in this case, with the related hearing scheduled for October 7.
The court heard that at the material time, the defendant and other individuals jointly set up AHL, an asset management company, along with three subsidiaries. Between March 2014 and November 2023, a total of 38 transactions amounting to over $64 million were deposited into the defendant’s personal bank accounts via at least 12 companies and 12 individuals, which had no business dealings with AHL and its subsidiaries and were not clients of the companies.
Additionally, in 2013, the defendant submitted copies of a false certificate of deposit and a false passbook to the Immigration Department for asset declaration in support of a Hong Kong residency application under the then Capital Investment Entrant Scheme.
The prosecution was today represented by Senior Public Prosecutor Noelle Aileen Chit, assisted by ICAC officer Jeff Ng.
In recent years, Private sector complaints accounted for 70% of total corruption complaints. In 2025, the industries in the private sector that attracted the most complaints were Building Management and Maintenance, Finance and Insurance and Construction Industry.
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The demand for medical and healthcare products and services has significantly increased in recent years, and the quality of these products and services remains a key public concern. Practitioners of the medical and healthcare industries should maintain high integrity standards for ensuring service and product quality, as well as sustaining their goodwill, public trust and competitive edge in the market.
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The Private Sector Integrity Centre (PSIC) offers free anti-corruption and integrity training to help tourism practitioners remain vigilant against corruption risks and uphold high integrity standards. We also provide free corruption prevention advisory services and practical resources to help companies in strengthening safeguards and fostering an ethical culture.
A proprietor of a secretarial company, charged by the ICAC, was today (July 15) sentenced to six months’ imprisonment at the West Kowloon Magistrates’ Courts for offering a bribe of $6,800 to a bank employee for assisting clients referred by her in opening bank accounts.
Gu Qian, 39, was sentenced by Principal Magistrate Mr Don So Man-lung to six months’ imprisonment, and fined $2,000. She earlier pleaded guilty to one count of offering an advantage to an agent, contrary to section 9(2)(a) of the Prevention of Bribery Ordinance.
At the material time, the defendant was the proprietor of a secretarial company. Between late May and late October 2025, she referred several clients to an assistant customer service manager at a branch of Bank of China (Hong Kong) Limited (BOCHK) in Tsim Sha Tsui. Eight of these clients successfully opened bank accounts with BOCHK.
On October 27, 2025, the defendant offered a bribe of $6,800 to the bank employee for assisting clients referred by her in opening bank accounts. The bank employee refused to accept the bribe and reported the incident to BOCHK.
Upon receipt of a corruption complaint, the ICAC launched an investigation, during which BOCHK rendered full assistance. The bank accounts successfully opened in this case fulfilled the bank’s due diligence requirements.
The prosecution was today represented by ICAC officer Flora Wong.
