Speech by the Attorney General, Mr. Michael Thomas
Second Reading of Theft (Amendment) Bill 1986
12 March 1986
Sir,
Q.C.
I move that the Theft (Amendment) Bill 1986 be
read a second time.
2.
In the course of prosecuting commercial crimes,
my Chambers have encountered difficulties under the
existing law in dealing with certain fraudulent transactions
carried out for the purpose of obtaining credit from
banks or deposit-taking companies. Let me give a typical
example. A person dishonestly and by deception induces
a bank to lend him some money. The proceeds of the loan
are transferred to an account in his name in that bank
or deposit-taking company. The person then disburses
the amount of the loan from his account. In its present
form, our view is that the Theft Ordinance does not clearly
make such fraudulent activity illegal.
3.
It is, of course, an offence under Section 17 of
the Theft Ordinance to obtain dishonestly property belonging
to another by deception.
But in my example, the sum
which forms the loan obtained fraudulently is created at
the moment when the bank or deposit-taking company and the
fraudulent borrower come to an agreement. So it is not
I thought