Full Breakdown
Former Wang Fuk Court Committee Member Arrested Over Alleged Pandemic Loan Fraud
5/16/2026, 2:21:38 AM
Background: Special 100% Loan Guarantee Scheme
In April 2020, the Hong Kong Mortgage Corporation launched the Special 100% Loan Guarantee Scheme to provide fully guaranteed loans to SMEs whose monthly turnover fell at least 30 percent after February 2020. The aid was intended for rent, wages and to avoid redundancies during the COVID-19 downturn.
Timeline of Key Events
- Jan–Mar 2020: Kong allegedly inflated his interior-design firm’s 2020 revenue in loan applications.
- 2022: Two loan applications were submitted under the scheme.
- 29 Apr 2026: Kong delivered a petition with 247 handwritten (and reportedly 500 online) signatures to Hop On Management, demanding a general homeowners’ meeting.
- 13 May 2026: Police arrested Kong (62) and his wife (64) in Yuen Long on suspicion of money laundering and conspiracy to defraud.
Alleged Fraud and Financial Details
Investigators allege Kong secured several hundred thousand Hong Kong dollars in guaranteed loans by misrepresenting his firm’s 2020 turnover, recording shareholder injections as operating income. Police say most of the approved funds were withdrawn in cash, with part transferred to Kong’s personal account. The exact loan amount has not been disclosed.
Official Statements
Hong Kong police confirmed the arrests, describing the suspects as accused of defrauding the Special 100% Loan Guarantee scheme. Hop On Management said it would seek an extension of the statutory deadline for a homeowners’ meeting to verify signatures and find a venue, stressing that the administrator must serve all owners rather than “specific” residents.
Criticism, Opposition, and Information Gaps
State-backed newspaper Ta Kung Pao questioned the authenticity of the petition’s signatures and why Kong had not introduced a verification mechanism, also noting his simultaneous service on owners’ boards in other estates. Sources have not disclosed the precise loan sum obtained, and no comment from Kong or his legal counsel has been obtained.
Verbatim Quotes
- “As the administrator, Hop On’s responsibility is to represent and serve all owners of Wang Fuk Court, rather than communicating only with a portion of owners or specific individuals,” — Hop On Management spokesperson
- “The suspects, aged 62 and 64, are accused of defrauding the government’s Special 100% Loan Guarantee scheme.” — Hong Kong Police statement
Outlook
Hop On plans to apply for a statutory deadline extension while police continue their investigation. The resolution of Kong’s case could shape future scrutiny of the pandemic loan programme and affect the governance of Wang Fuk Court’s resettlement process.
