Money laundering suspect fined $42m in NZ.
WELLINGTON • New Zealand police say they have reached a deal with a China-born businessman for him to pay a record NZ$42 million (S$41.5 million) fine to settle legal action following an investigation with China into money laundering.
Mr William Yan, a New Zealand citizen, is accused of embezzlement and is on China's most-wanted list of international fugitives.
His assets were seized by New Zealand courts two years ago while police investigated whether they were the proceeds of money laundering in China.
The settlement announced yesterday means that Mr Yan avoids any criminal or civil responsibility, according to a police statement.
Detective Inspector Paul Hampton, manager of NZ Police's asset recovery and financial group crime, said the proceeds of the fine would be shared between the New Zealand and Chinese governments.
The Foreign Ministry in Beijing did not respond immediately to a request for comment on whether China would seek his extradition.
The cooperation between the two countries comes as China seeks to drum up Western help ...
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