Tycoon charged with conspiracy to defraud

Prominent businessman Barry Cheung, who founded the now-defunct Hong Kong Mercantile Exchange, appeared in a court here, yesterday, charged with conspiracy to defraud the securities regulator and fraud. Cheung was charged with conspiring to conceal the true financial position of the exchange from the Securities and Futures Commission and causing or permitting the supply of false information. He is also charged with intent to defraud a firm out of HK$30 million (RM16.3 million).