Sentencing has been set for next week in the case of Lily Chiang, former chair of the Hong Kong General Chamber of Commerce, now convicted of conspiracy to fraud and making false statements.

District Court Judge Albert Wong took three days to read the lengthy verdict in the case, saying the prosecution had proven beyond a reasonable doubt that Chiang was guilty of three of five charges brought against her.

Chiang may face seven years in jail.

As the judge concluded reading his verdict, a group of Chiang's family members rushed toward the accused who was seated behind the bar.

Chiang stood, removed her mask, and hastily spoke a few words to her sister across the glass, before being whisked away.

Several family members shouted "take care" to the departing Chiang.

The final verdict was no surprise.

The judge revoked Chiang's bail as he began reading the verdict on Tuesday. On Wednesday he said she had given dishonest testimony. Chiang's defense counsel will argue in mitigation on Friday.

The other two defendants, Shan Tahir Hussain and Pau Kwok-ping, were also convicted in the case.

But the judge clearly identified Chiang as the mastermind of the criminal conspiracy.

The judge ruled that giving share options to her staff, while her company was in the process of being taken over, amounted to conspiracy between Chiang and Pau.

Chiang, he said, was the actual beneficiary. Her personal assistant Iris Yip, and two other witnesses, all joined the conspiracy in different phrases.

Chiang's sister Ann Chiang said the family was unprepared for the result. No clothes or daily provisions had been brought to Chiang.

Ann Chiang said the family will make a decision on whether to appeal the verdict next week. Ann Chiang is a Chinese People's Political Consultative Conference member. Chiang's mother said she felt anguish for her daughter. The families left the court separately.

Chiang, chairwoman of the Pacific Challenge Holdings, together with Hussain gave out HK$23.88 million share options to 10 staff members in 2002, but obtained the returns for selling the options to 5 of them.

Chiang and Pau also granted over HK$8 million shares of Eco-Tek Holdings to her personal assistant Iris Yip as a gift.

Yip later sold the shares, after the listing of the Eco-Tek under the instruction of Chiang, and returned HK$340,000 to Chiang, so as to bypass the 12-month lock-in period.

Charged by the Independent Commission Against Corruption, Chiang was arrested in early 2008. Chiang's bid to have the case heard in the High Court was rejected.

Chiang was the only chairwoman of the Hong Kong General Chamber of Commerce. The chamber has a history of 150 years. Her father is prominent industrialist Chiang Chen.