Listed Company's Former Chairman Exaggerated Car First Registration Tax, Defrauded Company of 2.4 Million

SighingCashier · 2026-03-17T13:38:19+00:00

PF Group's former executive director Li Zhen-bang was found guilty in District Court for exaggerating initial registration taxes to defraud the company of HK$2.4 million. The case has been adjourned to April 8 for sentencing, during which he has been granted bail. An ICAC investigation revealed that Li Zhen-bang reported tax amounts exceeding the actual amount by HK$800,000, with funds flowing into his wife's bank account.

SighingCashier

2026-03-17 13:38:19

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A former chairman of a listed company was convicted today in the District Court for exaggerating the first registration tax to defraud the company of approximately HKD 2.4 million when purchasing a luxury car for the company. He was previously charged by the Independent Commission Against Corruption (ICAC).

42-year-old Lee Chun Pong, former Executive Director and Chairman of PF Group, was found guilty of one count of fraud under Section 16A of the Theft Ordinance after trial. Acting Judge Wong Shee Cheung adjourned the case to April 8 for mitigation and to obtain the defendant’s background report. The defendant was granted bail.

The case revealed that the defendant purchased a luxury car for PF Group to promote the company’s auto loan business. In early 2021, he falsely claimed to the company that he needed to pay about HKD 2.4 million in first registration tax. However, ICAC investigations found that the defendant exaggerated the amount of the first registration tax by over HKD 800,000. Subsequently, a payment of over HKD 800,000 related to the car dealership was received into his wife’s bank account.

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