Hong Kong Chu Hai College has filed a lawsuit in the High Court against its finance head, Ray Yip Kam-chun, a company named Rivers Design Engineering, and its director, Ho Chung-ling. The college alleges they misappropriated over HK$25 million by disguising transfers as academic and administrative expenses.
The lawsuit highlights potential financial misconduct within an educational institution and underscores the risks associated with internal financial controls and oversight.
Hong Kong Chu Hai College has initiated legal action in the High Court, suing its finance head, Ray Yip Kam-chun, alongside an individual named Ho Chung-ling and a company called Rivers Design Engineering. The private institution alleges that these parties misappropriated more than HK$25 million (US$3.19 million).
The college claims the funds were transferred under the pretense of covering academic and administrative costs, including payroll and autopay, effectively disguising the alleged embezzlement.
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