Sharechat Logo

Little visibility on bankrupt builder who tried to flee to China, gambled $20.5M at SkyCity

Thursday 14th June 2018

Text too small?

Li Dong Xie, the Auckland builder jailed for breaches of the Insolvency Act, has left little online trace of his illegal ventures which the Crown says deprived hard done-by creditors.

Xie was bankrupted in July 2010 for failing to pay back debts incurred in the course of running his building business, New Town Home Construction Ltd, which last filed a return in September 2014 and has since been deregistered. He was listed as shareholder and director.

Official Assignee Ross van der Schyff said in a statement that Xie "showed a reckless disregard for his obligations as a bankrupt, which had been made clear to him by the Official Assignee."

The NZ Herald cited court documents that showed Xie gambled $20.5 million at SkyCity Casino between December 2010 and August 2015, funds which would have repaid creditors who were seeking retribution.

Xie was arrested at Auckland Airport for offences including running a business for five years while a bankrupt, generating about $1.5 million in earnings which he gambled away through slot machines at SkyCity Casino. He tried to board a flight to China despite having been told he couldn't leave the country without the Official Assignee's consent, according to the government's insolvency website. Xie had pled guilty to 10 charges under the Insolvency Act 

The charges included concealing property, gambling, acting as the director of a company without the consent of the OA, obtaining credit, attempting to obtain credit, obtaining property on credit, failing to file a statement of affairs, and attempting to leave New Zealand without the consent of the OA.

The government has allowed closer scrutiny of transactions involving foreign entities while tightening entry criteria. It also recently began a new snapshot of home ownership transfers involving overseas parties. Lasts week Stats NZ released figures showing that in the first quarter, just over 3 percent of home transfers were to people who didn’t hold New Zealand citizenship or resident visas, Stats NZ said today. The proportion of homes transferred to overseas people rose to 3.3 percent in the March quarter, from 2.9 percent in the December 2017 quarter, it said.

 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZD headed for 0.6% weekly gain against greenback
PREVIEW: RBNZ tipped to keep cash rate at 1.75%, reiterate next move could be up or down
Sky TV hires Deloitte partner as fill-in CFO
Vector fined $3.6 mln in industry first
SIS Group to partner with Platform 4 Group
Dry weather cutting dairy production, boosting power costs
22nd March 2019 Morning Report
NZ dollar dips back below 69 US cents, focus shifting to RBNZ
Top Energy's geothermal expansion to cut lines charges
MARKET CLOSE: NZ shares rise on Fed restraint, local GDP growth; Auckland Airport slides

IRG See IRG research reports