Fraud suspect wanted by China pays $31m to end New Zealand police probe
23 Aug 2016

A Chinese-born businessman has agreed to pay New Zealand authorities US$31 million to settle their money laundering investigation into him, although he remains wanted by Beijing over the alleged multi-million-dollar fraud.

William Yan, 45, holds New Zealand citizenship and denies any wrongdoing. Although he was never charged in New Zealand with money-laundering, China still considers him one of the country’s most-wanted suspects.

New Zealand police said Tuesday they have frozen assets worth NZ$42.85 million (US$31.22 million) including luxury cars, property and millions of dollars in bank funds, which will not be released until the money is paid.

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