Former Deloitte Hong Kong information technology manager Ho Man-kit has pleaded guilty to theft after selling 423 company laptops over nearly a year and a half, with police estimating the proceeds at about HK$1.2 million. The money was then put into stock trading and ultimately lost, according to the source report. Ho appeared in the District Court this week, and the case was adjourned to Aug. 21 for sentencing. He was remanded in custody.
Court file outlines repeated sales of company inventory
According to court documents obtained by Hong Kong 01 and cited in the report, Ho was working as an IT manager at Deloitte Touche Tohmatsu in Hong Kong when the case took place. Newly purchased laptops were kept in a storage room, and only staff from his department had access to it.
The materials said Ho began selling laptops from inventory in September 2021 to the head of a second-hand computer recycling business. Most deals were done in cash, while a smaller portion went through bank transfers. Each transaction involved anywhere from a few units to 10 laptops. The buyer said Ho had claimed the transactions were authorized by the company.
By April 2022, he had started selling newer models as well. When asked about them, he said the company had made a procurement mistake. That explanation lasted for close to a year, until the recycler returned on the evening of Feb. 13, 2023 and was stopped by company staff.
Police estimate 423 laptops were sold
Bank records showed the recycler had deposited about HK$458,000 into Ho’s account in total. Older machines were also resold at about HK$600 each without complete records. Based on that, police estimated Ho had sold 423 laptops and converted them into roughly HK$1.2 million in cash.
Routine stock check exposed the case
The scheme unraveled during a routine inventory check. On the morning of Feb. 13, 2023, Deloitte staff found that the stock count did not match and that 399 laptops were missing. The IT director then reviewed surveillance footage and saw Ho, who was on leave that day, entering the storage room alone at 7 p.m. to box up and move equipment.
At the same time, the recycler collected a carton containing 10 Lenovo laptops and paid cash on the spot. Company staff stopped both men near the elevators and recovered that batch of Lenovo devices.
Confession and surrender followed two days later
Two days later, the IT director confronted Ho. The case materials said Ho admitted on the spot that he had been stealing laptops between September 2021 and February 2023, and he wrote out a confession.
On Feb. 15, 2023, he went to a police station accompanied by the director and turned himself in. Under caution, he said he had cashed out about HK$800,000 to HK$1.2 million. He also said he had a gambling addiction and had transferred almost all of the proceeds into a Futu Securities account to trade stocks, only to lose everything.
Sentencing set for Aug. 21
Ho pleaded guilty in the District Court this week. Sentencing is scheduled for Aug. 21, and he remains in custody pending that hearing.
The source report also referenced other embezzlement cases involving high-risk investing, including one tied to DeFi and another involving cryptocurrency and gambling. In this case, however, the court materials cited in the report said the stolen funds were used for stock trading and were ultimately wiped out.