Hong Kong court rescinds freeze of ‘runaway millionaire’ funds

Hong Kong court rescinds freeze of ‘runaway millionaire’ funds

It has been learnt that two orders freezing the funds of a fugitive Rotorua gas-station operator Leo Gao have been withdrawn by a Hong Kong court. Mr. Gao fled to China after he was mistakenly granted a $10 million overdraft.

The sum of $6.73 million was transferred by him to accounts in China and Hong Kong, including with Wynn International Marketing before police became aware of the case.

While Hong Kong court ordered a freeze under a reciprocal agreement with New Zealand, the company's entire account was suspended by Wynn's Hong Kong bank Dah Sing Banking Group, rather than the specific amount of $HK3.71 million.

Deputy High Court Judge Carlson, who defined the action as regrettable, discharged two freezing orders on a procedural basis.

Wynn, founded by Stephen Wynn, is a major international casino company.

Lawyer Nicholas Hunsworth, who acts for Wynn said, "Wynn will be looking to recover its costs of successfully discharging the earlier orders made by Deputy Judge Carlson."

 

Business: