12 Oct 2000
HKSAR v. CHIU YU MAN AND OTHERS
- Citation
- HKSAR v. CHIU YU MAN AND OTHERS
- Court
- Court of Appeal
- Case number
- CACC577/1999
The Court held that irrevocable documentary letters of credit constitute "valuable securities" within the meaning of s.22(4) because they create an obligation on the bank and a corresponding chose in action (a right to payment) in the beneficiary; the deputy judge was entitled to draw compelling inferences from fund‑flow and documentary evidence to conclude the underlying transactions were bogus; accordingly leave to appeal against convictions was granted but the appeals were dismissed.