Hey guysJan. 19 (Bloomberg) -- A former Hong Kong executive and...

Hey guys

Jan. 19 (Bloomberg) -- A former Hong Kong executive and his wife were sentenced to 6 1/2 years in prison for their role in a $482 million, decade-long fraud at Bank of China Ltd.

Hui Yat-sing and Wong Suet-mui, both 48, were found guilty yesterday by a Hong Kong district court of criminal conspiracy for handling tens of millions of dollars embezzled from China's second-largest bank. Judge Stephen Geiser sentenced them today.

``Both defendants have been convicted of the extremely serious offence of laundering money stolen from Bank of China,'' over a long period, said Geiser. ``I've never come across sums of such magnitude.''

China's banking industry has been plagued by inadequate risk management and corruption, undermining confidence in the nation's lenders. In November, China Construction Bank's former Chairman Zhang Enzhao was sentenced to 15 years in prison for accepting 4.19 million yuan ($539,000) in bribes. Zhang's predecessor, Wang Xuebing, was jailed for 12 years in 2003, also for corruption.

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This is what its all about guys. This is a growing problem all over trhe world and will continue to be especialy so in developing countries where corruption is rife. ITE is in the right place at the right time.



Would say good luck to all holders but I think there is no luck needed.

UL