Sung Kyu Chung | CPA Australia

Member’s name: Mr Sung Kyu Chung
Date of Hearing: 24 August 2011
Division: New South Wales
Tribunal: Disciplinary Tribunal

On 24 August 2011 the Disciplinary Tribunal found Mr Sung Kyu Chung breached Article 39(a)(ii)G of the Constitution on thirteen occasions in that he "pleaded guilty to, or been found guilty of(with or without conviction), any offence (criminal or otherwise, but excluding any offence relating to traffic infringement) before any Court..." in respect of being found guilty in the Sydney District Court on 19 February 2010 of thirteen counts of breaching section 178BA(1) of the Crimes Act 1900 (NSW).

The Court found that over a seven year period, on an almost monthly basis, Mr Chung had misappropriated approximately $7,206,004 from his former employer. The money had been expended on personal items and real estate but the Court found Mr Chung was unable to account for the greater portion of the money taken and it was unlikely his former employer would recover the majority of the money taken.

Mr Chung was sentenced to 5 years and 10 months imprisonment effective 16 February 2010 with a non-parole period expiring 15 December 2014.

Penalties and costs

The Disciplinary Tribunal imposed the following penalties and costs:

forfeiture of Membership,
not eligible for readmission for 30 years,
a fine of $100,000 and
costs of $446.

Should Mr Chung make application for readmission at the expiration of the 30 year period, conditions of readmission are that:

he first pay the fine and costs referred to above, and,
he provides proof to the satisfaction of CPA Australia that he has satisfied the Compensation Order made by the NSW District Court on 19 February 2010 that he has repaid his former employer ”$7,206,004 less any sum presently or later recovered".