Legal Actions Against Financial Fraud and Asset Seizures in Hong Kong

May 15, 2026, 07:02
AsiaFinance

Introduction

Recent police and court actions in Hong Kong have led to the arrest of two people for loan fraud and the freezing of large amounts of money linked to an international criminal network.

Main Body

Police have arrested Jason Kong Cheung-fat and his wife, who are both directors of Ace Interior Design & Engineering Company. They are accused of money laundering and fraud related to a government loan scheme created during the pandemic. Authorities claim that Mr. Kong changed his company's financial records to make it look like the business was losing money, which allowed him to get several hundred thousand dollars in loans. Some of this money was then moved into his personal bank accounts. Meanwhile, Mr. Kong has also been trying to help residents of the fire-damaged Wang Fuk Court by asking for a meeting about resettlement, although the management company has refused to deal with him individually. At the same time, the High Court has ordered the freezing of more than HK$9 billion in assets belonging to Chen Zhi, a businessman currently held in China. Following an application by the Department of Justice, assets belonging to Chen and 42 other associates have been blocked. These assets include expensive properties on The Peak and Kimberley Road, as well as funds from Prince Global Holdings. Furthermore, the US Department of the Treasury has labeled Chen's network as an international criminal organization. Other associates, including Zhou Yun, Li Thet, and Wu Anming, have also had their assets frozen due to their roles in Chen's large-scale online scam network.

Conclusion

Currently, the Kongs remain in custody for financial fraud, and a court hearing is scheduled for August 3 to decide if the asset freezes in the Chen Zhi case should be extended.

Learning

⚡ The 'B2 Power-Up': Moving from Simple to Complex Actions

At the A2 level, you usually say what happened using simple verbs (e.g., "The police stopped the money"). To reach B2, you need to use Collocations—words that naturally 'stick together' in professional or legal contexts.

Look at these shifts from the text:

  • A2 Style: Stop money/assets →\rightarrow B2 Style: Freeze assets
  • A2 Style: Change records →\rightarrow B2 Style: Falsify financial records (implied by 'changed... to make it look like')
  • A2 Style: Caught by police →\rightarrow B2 Style: Remain in custody

🧩 Logic Connectors: The Glue of Fluency

B2 speakers don't just list facts; they show the relationship between ideas. Notice how the article uses Furthermore and Meanwhile.

  1. Meanwhile →\rightarrow Use this when two different things are happening at the same time.
    • Example: Jason Kong is in jail; meanwhile, he is trying to help residents.
  2. Furthermore →\rightarrow Use this to add a more important or serious point to your argument.
    • Example: The court froze the money. Furthermore, the US Treasury labeled him a criminal.

💡 Quick Grammar Hack: The Passive Voice for Authority

In the phrase "assets... have been blocked," the focus is not on who did it, but what happened to the money.

A2: The government blocked the assets. (Simple Subject →\rightarrow Verb →\rightarrow Object) B2: Assets have been blocked. (Object →\rightarrow Verb)

Why do this? It makes your English sound more formal, objective, and professional—exactly what is required for the B2 level.

Vocabulary Learning

arrested (v.)
to be taken into custody by law enforcement
Example:The police arrested the suspect after gathering evidence.
directors (n.)
people who manage a company
Example:The directors of the firm announced a new policy.
laundering (n.)
the process of disguising the origins of illegally obtained money
Example:The company was accused of money laundering.
fraud (n.)
deception intended to secure an unfair advantage
Example:He was charged with fraud for falsifying documents.
scheme (n.)
a plan or program, often for a specific purpose
Example:The government launched a new housing scheme.
pandemic (n.)
a widespread outbreak of disease
Example:The pandemic caused many businesses to close.
financial (adj.)
relating to money or economics
Example:Financial analysts predicted a market downturn.
records (n.)
written or recorded information
Example:The accountant reviewed the company's records.
resettlement (n.)
the act of moving people to a new place
Example:Resettlement plans were discussed after the disaster.
freezing (n.)
the act of preventing assets from being used
Example:The court ordered the freezing of assets.
assets (n.)
property owned by a person or company
Example:The company sold its assets to pay debts.
justice (n.)
the principle of fairness and law
Example:The justice system ensures accountability.
blocked (v.)
prevented from moving or being accessed
Example:The bank blocked the account after suspicious activity.
organization (n.)
a group of people working together
Example:The organization provided aid to refugees.
scam (n.)
a dishonest scheme to cheat people
Example:The online scam targeted elderly investors.