CITIC files Canada suit to seize assets
Print Edition
CHINA CITIC Bank has launched a Canadian lawsuit to try to seize the assets of a Chinese citizen the bank claims took out a multi-million dollar loan in China and then fled to Canada, the lender’s Vancouver-based lawyer said.
The bank is looking to seize numerous Vancouver-area homes, valued at some C$7.3 million (US$5.58 million), along with other assets, according to the lawsuit, which was filed in the Supreme Court of British Columbia in Vancouver on Friday.
The defendant, Yan Shibiao, owns three multi-million dollar properties in a Vancouver suburb and lives in a C$3 million Vancouver home owned by his wife, according to court documents.
China is in the midst of a massive corruption crackdown and has stepped up efforts to find fugitives it says are hiding stolen assets abroad. The lawsuit comes amid a debate about the role foreign money has played in Vancouver’s property boom.
“The person involved left China with a large debt owed,” said Christine Duhaime, a lawyer who represents CITIC Bank in the case, adding that she was not aware of any criminal charges against the man.
Yan could not immediately be reached for comment. He has not yet filed a response to the lawsuit and the claims have not been proven in court.
CITIC Bank is seeking repayment for a line of credit worth 50 million yuan, or roughly US$7.5 million, taken out by a Chinese lumber company and personally guaranteed by Yan, who was the company’s majority shareholder at the time.
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