Chu betted on the performance of the FTSE and Nasdaq

Hong Kong-born Chu Wing Kit was only discovered when he resigned from engineering giant Charter plc and was asked to help check the figures.

The "quiet and unassuming" 32-year-old used the money to bet on the FTSE and Nasdaq stock indexes' performances.

He admitted 28 counts of theft from the company, which had an �800m turnover.

I never meant for things to end this way Email from Chu Wing Kit

Chu, a treasury manager for Charter Central Services Ltd, in Victoria, London, was responsible for the company's daily foreign exchange dealings, the court heard.

Six weeks before he was arrested, he moved into a �600,000 house in Farnham Common, Berkshire.

Despite repeated audits, the missing money which was taken over four years, was not uncovered until Chu resigned in July 2004 and was asked to help his replacement analyse entries in the company books.

"Mr Chu had earlier been asked to carry out the same task but had failed to do so," said prosecutor Laura McQuitty.

Unable to give answers

"But he was unable to give any answers or explanations to queries she raised."

In the early hours of the following day, he sent an email to his supervisor, saying: "I never meant for things to end this way".

He added: "I can't understand why I have done what I have because I'm not sure myself.

"I am going to take a short break to think things over. Please accept my sincere apologies.

"I am very, very sorry. I doubt this will be the end of the story so I guess I will be hearing from you soon."

When he did not turn up for work the next day, several unexplained bank transfers were discovered to a spread betting account in Chu's name at City Index.

I want someone here from the company who can explain why this was not picked up earlier Judge Peter Fingret

The auditors believe �9,237,312.68 was missing.

Ms McQuitty told the court he had arranged the transfers, then used the identities of two unsuspecting colleagues to authorise them.

Asked why the auditors did not pick up the transfers earlier, Ms McQuitty said Chu had used legitimate identities to authorise them.

And, because of the size of the company, "it simply slipped by unnoticed," she said.

Judge Peter Fingret asked: "It is peanuts, is it, as far as this company is concerned?"

Adjourning sentencing until Tuesday, he said that before he would proceed "I want someone here from the company who can explain why this was not picked up earlier."

Chu has asked for 74 similar offences to be taken into consideration; 28 false accounting charges, which he had denied, were not proceeded with.