By The SUN
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| Police displayed the 242 Philippine passports they seized from the illegal money lenders in 2017 |
More than five years after they allegedly conspired
to lend a total of $10 million to about 1,000 Filipino domestic workers at
usurious interest rates, a local couple and three Filipina domestic workers who
were tagged as their runners were finally charged in court.
Tai Ming-fung and Cheng Wai-king, both 55, were
charged over the weekend with conspiring with Lorna M. Pingol, 47 and Alma M.
Cuntapay, 57, as well as another Filipina known only as Jessie “and
other persons unknown” to lend money at a rate of interest in excess of 60
percent per year.
This is said to be in violation of section 24 (1) of the
Crimes Ordinance and punishable under sec. 24(4) of the Money Lenders
Ordinance.
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| PINDUTIN PARA SA DETALYE |
Their alleged offences happened between May 1, 2016 and March
12, 2017 although it’s not clear why the charges were only brought to court last
Friday, Oct. 14.
Earlier reports from the police said the group made as much
as $12 million from the illegal transactions. The borrowers were allegedly
charged an interest of 10% per month, or 120% per year, double the legal rate.
A similar charge was filed against Milagros-Anna M. Laderas,
46, and Jessie – the couple’s domestic worker who has apparently fled Hong Kong
– and other persons unknown. Their offence was allegedly committed between an
unknown date in July and September 2016.
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| PINDUTIN PARA SA DETALYE |
Officers of the Crime and Triad Bureau
said at a press conference in April 2017 that they had arrested the couple they
tagged as the masterminds, as well as their
Filipina helper, allegedly their assistant, after passports used as collaterals
had changed hands.
Seven other Filipina
helpers who served as their contacts and runners were also reportedly arrested
in follow-up raids.
The police said over a short period of eight months, the syndicate had lent out a total of $10 million loan in cash, and made at least $12 million in illegal interest payments.
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| Press for details |
A total of 242 Philippine passports were recovered
at the time, and a large number of bank records, debt notes, and employment
contracts were seized.
The holders, all
domestic helpers, had used them as collaterals for loans of $4,000 to $15,000
that carried a 10% monthly interest rate.
Officers recovered $106,000, several work contracts and 242 Philippine passports, cell phones, bank documents and some pieces of jewelry.
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| PINDUTIN PARA SA DETALYE |
Police said then that they would not be returning
the passports to the Consulate as they would be used as evidence in court.
At Eastern Court today, Cuntapay asked Principal Magistrate
Ada Yim for more time to comply with an order to surrender her passport. Cuntapay
promised to have it ready by Friday, Oct. 21, and the magistrate agreed.
Cuntapay’s cash bail of $2,000 was extended until then.
No mention was made of the other defendants and when the next
hearing of the cases against them will be held.
Under
Hong Kong laws, anyone convicted of lending money at usurious rates shall be
liable on summary conviction to a maximum fine of $500,000 and imprisonment
for two years.
If the conviction is rendered on indictment, the maximum penalty should be a fine of up to $5 million and imprisonment for 10 years.
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