China CITIC Bank has filed a lawsuit in Canada to try to seize the assets of a Chinese citizen the bank claims took out a $10 million loan in China then fled to Canada.
In a first of its kind attempt at intercontinental repossession, the bank is looking to seize numerous Vancouver-area homes, valued at at least $7.3-million, along with other assets, according to the lawsuit, which was filed in the Supreme Court of British Columbia in Vancouver on Friday.
h/t Colonista
I’ve read that there have been many cases of Chinese functionaries heading state-owned enterprises who have sold them at fire sale prices and then fled. Last week’s Economist reported that China’s 225M middle class could prove troublesome for the Xi regime.
But, how could this happen? I mean, weren’t the mandatory FINTRAC forms completed?
You know, those forms that apply to every property sale…oh, except the ones that take place in lawyers’ offices, that is.
Canada needs to get on to this, with the same speed that China got on to deporting Mo Strong after his criminal activities around the Oil for Food scam…
robins111;
Geez is Mo still kicking?
No way do the Chinese get their money and man before Turdeau gets his ‘special’ property tax of $500K per home. That money can be deposited in the Liebel bank account in the Caymans.
No WONDER these young Chinese oligarchs in BC feign ignorance about “what their dad does for a living”. Of course they know their daddies are Communist Thieves … but they can’t translate that into English.
No,sadly,Mo kicked the bucket on Nov.27,2015. PM Trudeau said the world has lost a great Canadian.
Well at least we know what you need to be to be considered for “Order of Canada” under this government.
By “Taker” standards Uncle Mo was a great patriot.
By the same standard the ranks of the Ethno-Liberal party will swell as Chinese investigations expand. .
In modern Canada,cause it is 2016, a generous donation along with membership in the party, guarantees your property and person will be protected from the laws of your former homeland.
The Hair-Piece has a great admiration for the Chinese dictatorship,… why not ?
The Party system is the same MO in both countries.
Yes, but I wish we had a leader whose ability approaches that of a member of the Chinese politburo, instead of the “Fabian” (Forte) of the political world we are stuck with.
Another victim of Global Warming. Sad.
So what’s better – Chinese banks or Chinese fraudsters owing properties in Vancouver?
Who cares?