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Moulin Global Eyecare directors arrested

July 6 2005

Two executives at Moulin Global Eyecare Holdings have been arrested in Hong Kong for alleged accounting fraud, newspapers and police said Tuesday. The chairman of Moulin Global Eyecare Holdings Ltd., Ma Bo-kee and his son, director Ma Lit-kin, were arrested Monday along with an employee, the Apple Daily newspaper said.

The Mas are accused of faking accounting numbers and exaggerating the company's cash flow and assets to obtain up to 160 million Hong Kong dollars (US$20.5 million; euro17.3 million) in loans, Ming Pao Daily News reported.

Police spokeswoman Chris Cheung said officers arrested two directors - whom he only identified by their surname, Ma - of a listed firm and three employees for allegedly conspiring to defraud.

Moulin's provisional liquidator, Ferrier Hodgson, says the company has outstanding debts of HK$5.33 billion ($683 million).

Until recently, Moulin had been expanding. In March, the company and investment firm Golden Gate Capital took control of Eye Care Centers of America, the second-largest optical retail chain in the U.S., for US$450 million (euro 379 million).

(Source: Forbes)

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