FRIDAY, JULY 14, 1978
5.
18. IT WAS ESTABLISHED THAT AS AT 31 MARCH 1977 THE TOTAL FUNDS AVAILABLE IN THE EXTRA ACCOUNTS AND FIXED DEPOSITS (SEE PARAGRAPH 9 ABOVE) BUT NOT BROUGHT TO ACCOUNT WAS $319,879.40, THIS SUM BE INCLUSIVE OF THE SUM OF $85,252.12 DUE, AS SHOWN IN PARAGRAPH 11 ABOVE, TO GOVERNMENT GRANT ACCOUNT. IT WAS FOUND THAT INCLUDED IN THIS $319,879.40 WAS $14,740.87 DUE TO THE SPONSORS. THIS WAS CALCULATED AS THE TOTAL OF SALARIES PAYABLE FROM SEPTEMBER 1973 TO MARCH 1977, LESS THE SUM ALREADY CORRECTLY REMITTED TO THE SPONSORS AND LESS SALARIES INCORRECTLY CLAIMED IN RESPECT OF TWO SISTERS SERVING AS TEACHERS IN THE SCHOOL ABOVE THE PERMITTED ESTABLISHMENT, AND WITH THE ADDITION OF PART OF A SPECIFIC DONATION FROM AN OVERSEAS BENEFACTOR WHICH WAS MEANT FOR OTHER SCHOOLS.
19.
THE AMOUNT TO BE REFLECTED IN THE SCHOOL'S ACCOUNTS WAS THEREFORE AS FOLLOWS:
BALANCE OF FUNDS IN EXTRA ACCOUNTS AND FIXED DEPOSITS
ADD INTEREST EARNED IN RESPECT OF DEPOSITS
LESS AMOUNT DUE TO SPONSOR
$319,879.40
16,208.09
$336,087.49
14,740.87
$321,346.62
SUBSEQUENT ACTION
20.
SISTER LEUNG, THE FORMER PRINCIPAL AND SUPERVISOR WAS PROSECUTED ON TEN CHARGES OF FALSIFICATION OF ACCOUNTS INVOLVING A TOTAL OF $27,930. THIS SUM WAS PART OF THE ERRORS INCLUDED UNDER ITEM (B) IN PARAGRAPH 11 ABOVE. SISTER LEUNG PLEADED GUILTY TO THESE CHARGES AND WAS SENTENCED TO SIX MONTHS' IMPRISONMENT, SUSPENDED FOR TWO YEARS, AT THE CENTRAL MAGISTRATE COURT ON 23 FEBRUARY 1978.
21. FOLLOWING THE COMPLETION OF POLICE INVESTIGATIONS AND COURT PROCEEDINGS ALL FINANCIAL IRREGULARITIES WERE RECTIFIED ON
2 MARCH 1978 ON WHICH DATE REIMBURSEMENT WAS CREDITED TO THE VARIOUS ACCOUNTS OF THE SCHOOL IN THE FOLLOWING MANNER:
(A) GOVERNMENT GRANT ACCOUNTS
(B) SCHOOL'S SUBSCRIPTIONS ACCOUNT
$ 85,252.12
236,094.50
$321,346.62
IN PAYING THE $236,094.50 INTO THE SCHOOL'S SUBSCRIPTIONS ACCOUNT, THE SPONSORS WAIVED THEIR CLAIM TO THE $153,395.27 WHICH WAS THE CUTSTANDING BALANCE OF THEIR ADVANCE TOWARDS THE BUILDING CCST OF THE SCHOOL.
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