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Wife of former NKF chairman pleads guilty to money laundering
Channel NewsAsia - Tuesday, December 9
HONG KONG: The wife of Singapore’s former National Kidney Foundation (NKF) chairman Richard Yong has pleaded guilty to a money—laundering charge in Hong Kong.
Madam On Shu Kio faces a maximum of 14 years in jail and a fine of up to US$640,000. She was arrested by Hong Kong police in July last year on money—laundering charges.
In Hong Kong’s District Court on Monday, Mdm On pleaded guilty to one count of helping her husband to help transfer about US$2.6 million from their joint account in Singapore to a British ING Bank account.
In mitigation, Mdm On maintained that three—quarters of the money frozen in Hong Kong belonged to her, and that she was unaware that her husband was a bankrupt when she made the transfer.
She also revealed that her life savings have been used in legal costs for both her husband and herself.
Her defence counsel applied for her sentencing to be adjourned so that she can help to fully settle the judgment debt against her husband in a Singapore civil suit by December 13.
The judge allowed for a seven—day adjournment.
The 66—year—old has been remanded in custody and is awaiting sentencing on December 16.
— CNA/so
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