When someone shares with you something of value, you have an obligation to share it with others.
Thursday 22 January 2009
Chinese Developer Sued by Casino over Loan
An Australian casino has sued Shanghai property developer Yan Liyan - one of the mainland’s richest people - over allegations that she failed to repay loans totalling HK$42.5 million.
An Australian casino has sued Shanghai property developer Yan Liyan - one of the mainland’s richest people - over allegations that she failed to repay loans totalling HK$42.5 million.
Star City Pty Limited, a gambling venue in Sydney, claimed that Ms. Yan signed an agreement in September to pay back a HK$44.5 million loan in nine equal instalments. Ms. Yan had paid less than HK$2 million by the date of the last instalment on May 10, according to a writ filed in the High Court this week.
Star City’s lawsuit did not say whether the alleged loan was advanced to Ms. Yan for gambling at its entertainment complex in Sydney Harbour. None of the allegations had been proved.
Two years ago, Ms. Yan made headlines over claims she had siphoned about 2.7 billion yuan (HK$3 billion) from Shanghai’s pension fund to buy a stake in a local shopping mall.
Yan had allegedly used the loan from Shanghai’s pension fund to buy a stake in the Bailian Zhonghuan Commerce Plaza and to assume control of Shanghai Xinchangzheng Group, whose main asset was the shopping mall. The chairman of the Bailian Group, Xue Quanrong, was also questioned over the case.
Mr. Xue was the former party secretary of Shanghai’s Baoshan district and reportedly an associate of former Shanghai party secretary Chen Liangyu, who was sacked for funnelling more than 3 billion yuan from the pension fund to individuals, companies and projects with which he had personal links.
After the pension-fund allegations were made public, Ms. Yan was quoted as saying that the loan had been repaid. More than 20 people were investigated and several local officials were sacked over the pension-fund scandal.
1 comment:
Chinese Developer Sued by Casino over Loan
Peter Brieger
22 January 2009
An Australian casino has sued Shanghai property developer Yan Liyan - one of the mainland’s richest people - over allegations that she failed to repay loans totalling HK$42.5 million.
Star City Pty Limited, a gambling venue in Sydney, claimed that Ms. Yan signed an agreement in September to pay back a HK$44.5 million loan in nine equal instalments. Ms. Yan had paid less than HK$2 million by the date of the last instalment on May 10, according to a writ filed in the High Court this week.
Star City’s lawsuit did not say whether the alleged loan was advanced to Ms. Yan for gambling at its entertainment complex in Sydney Harbour. None of the allegations had been proved.
Two years ago, Ms. Yan made headlines over claims she had siphoned about 2.7 billion yuan (HK$3 billion) from Shanghai’s pension fund to buy a stake in a local shopping mall.
Yan had allegedly used the loan from Shanghai’s pension fund to buy a stake in the Bailian Zhonghuan Commerce Plaza and to assume control of Shanghai Xinchangzheng Group, whose main asset was the shopping mall. The chairman of the Bailian Group, Xue Quanrong, was also questioned over the case.
Mr. Xue was the former party secretary of Shanghai’s Baoshan district and reportedly an associate of former Shanghai party secretary Chen Liangyu, who was sacked for funnelling more than 3 billion yuan from the pension fund to individuals, companies and projects with which he had personal links.
After the pension-fund allegations were made public, Ms. Yan was quoted as saying that the loan had been repaid. More than 20 people were investigated and several local officials were sacked over the pension-fund scandal.
Post a Comment