The finance director of a private college in Hong Kong has been remanded in custody on suspicion of embezzling HK$41 million (US$5.2 million) over three years, with his wife and an engineering contractor also denied bail for allegedly handling the illicit proceeds. Ray Yip Kam-chun, 49, appeared in Tuen Mun Court on Wednesday to face a count of theft for allegedly stealing from Hong Kong Chu Hai College in Tuen Mun between December 23, 2022, and January 7 this year. His wife, Ng Ka-man, 49, and businessman Ho Chung-ling, 50, were also charged with a total of 15 counts of money laundering. They were accused of handling HK$84.7 million and HK$57.9 million respectively through their personal and company bank accounts. Hong Kong Chu Hai College is located in Tuen Mun.