Chinese bank claims fugitive bought luxury B.C. real estate

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Chinese bank claims fugitive bought luxury B.C. real estate
Topic Started: Jun 29 2016, 02:36 AM (53 Views)
Darcie	Jun 29 2016, 02:36 AM Post #1
Skeptic Posts: 31,154 Group: Member Member #714 Joined: March 30, 2010	Quote: A major Chinese bank has obtained a court order in B.C. freezing the assets of a businessman accused of fleeing China and buying "luxury" Lower Mainland homes after defaulting on a $10 million loan. In an application brought before a B.C. Supreme Court judge last week, lawyers for China CITIC Bank claim Shibiao Yan and his wife bought more than $8 million worth of properties in Surrey and Vancouver over a three-month period beginning in June 2014. 'Global significance for China' The court documents claim Yan, who was president of the Tanyuan Wood Company in Shijiazhuang, China, withdrew RMB 50 million from a line of credit he obtained on behalf of his company. The bank claims the 56-year-old provided a personal guarantee for the money. The loan came due last summer. But the bank claims Yan and his family had already fled to the Vancouver area. http://www.cbc.ca/news/canada/british-columbia/china-real-estate-vancouver-fugitive-1.3655136?cmp=rss&cid=news-digests-british-columbia Appears we are importing white collar crooks in Canada.



Trotsky	Jun 29 2016, 04:29 AM Post #2
Big City Boy Posts: 38,319 Group: Member Member #79 Joined: September 8, 2005	Donald Trump did the same thing: Trump Entertainment business lent him millions...and then declared bankruptcy. A stockholder sued and won so the Donald had to pay back the loan. (Others might have gotten prison, as Leona Helmsley did when she bilked "her" publicly held company for spending money.) Once you take a company public, it is no longer your ATM machine. China, to its credit, is rather ruthless with those who mishandle corporate funds...some even face a firing squad. <ak47.gif> Edited by Trotsky, Jun 29 2016, 04:34 AM.



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