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Hong Kong's systematic and grave crime ordinance and accused of laundering HK$1.8 billion, or about $232.2 million, through Hong Kong's bank accounts, according to a report by GGRAsia. At least two of the money laundering investigations launched by Hong Kong authorities in November last year and the three charges against the Tsing stemmed from incidents that occurred between 2004 and 2010.

In 2007, Cheng was a shareholder of about 12.9% of Neptune Group's investment holding company, but has had no stake in the company since 2008, according to Hong Kong Stock Exchange filings. This is Cheng's second court appearance since he was arrested in June and released for HK$200,000. The court allowed the 54-year-old businessman to leave Hong Kong to handle investments he held in China, including a pawnbroker and a real estate project estimated to be worth a total of HK$175 million reported by local sources. The businessman's assets were frozen in November when the investigation began. As part of the court order, Cheng is required to report weekly to the authorities and pay an additional HK$100,000 in bail.

Last month, the Macau Monetary Authority and the People's Bank of China signed an agreement to stop terrorist financing and money laundering, particularly Macau, which has long been seen as a money laundering reef because of its sensitive nature to the outflow of cash in and out of China.