Hong Kong's Court of Appeal on July 22 rejected former UBS deputy director Sun Kin Wing's appeal against his 10-year prison sentence, according to Jiemian News. Sun was convicted of two money laundering offences involving more than HK$134 million. The court said the trial judge made no principle error in sentencing and that the punishment was not manifestly excessive.
Hong Kong's Securities and Futures Commission later said Sun had been convicted of money laundering and contempt of court for misappropriating more than HK$130 million from a mainland client under the guise of helping with cross-border remittances, and it barred him for life from returning to the financial industry. Court documents said the money used by victim Yu Quanli and his wife Lou Xiaojie was highly likely linked to organised illegal prostitution, and that Sun, as a professional financial adviser, should have known the funds were illicit.
According to the judgment, between November 2016 and February 2018, the clients transferred more than RMB132 million to mainland bank accounts designated by Sun in 37 transfers across 14 dates. A later investigation found that more than HK$134 million in deposits was moved into two Hong Kong bank accounts controlled by Sun. The records also showed Sun sent fake UBS account statements and transfer confirmation photos to make the couple believe the funds had reached Hong Kong. In June 2018, after Sun left UBS, a new adviser discovered the real account balance was HK$120 million lower than the figure shown on the forged statements.
Forensic accounting found the money later flowed into Sun's HSBC and Hang Seng Bank accounts, and he used the funds to buy four properties in London, including a building with 27 apartments, two properties in mainland China worth a total of HK$29 million, and six luxury cars. Hong Kong's High Court had issued a worldwide asset freeze order on July 18, 2018, but Sun later transferred his interests in the London apartments to a British Virgin Islands company. He was convicted of contempt of court on December 20, 2023 and sentenced to six months in prison.
Hong Kong Court Rejects Ex-UBS Banker Sun Kin Wing's Appeal Over 10-Year Sentence
2026-07-23 14:59:18
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