Behind every billionaire there is a story!

Billionaire jeweler and son convicted of fraud in Hong Kong

Hong Kong’s billionaire Tse Sui-luen, founder of the listed Tse Sui Luen Jewelry (TSL), and his son Tommy Tse have been put behind the bars after a court found them guilty of paying illegal kickbacks to travel agencies.

Delivering a 230-page verdict in two separate sessions on Thursday and Friday at the end of a marathon court hearing, Judge Kevin Browne of the District Court said the Tses and three other senior managers of the jewelry empire were guilty of 8 conspiracy counts, including conspiracy to cook books, offer illegal advantages, theft and defrauding tax authorities of the Hong Kong Special Administrative Region.

Tse Sui-luen, 72, and Tommy Tse, 40, together with the other three defendants, were remanded in custody on Thursday. Tommy Tse asked for a bail Friday but was refused.

read the rest published by Peoples Daily here:

http://english.people.com.cn/90001/90776/6399454.html