CIP citizen and Economic Zone investor may be wanted for 2.6 billion-yuan fraud in China, sources reveal

A so-called investor in one of the Browne Administration’s Special
Economic Zones and the reported holder of a CIP passport might
still be wanted in China in connection with a major financial
scandal with the Huludao Bank, reliable sources have informed
REAL News.

The sources say that, in 2020, the man convinced the Bank to
purchase an “asset management plan” valued at 2.6 billion yuan –
US$359 million at today’s rates – in an effort to resolve the
institution’s non-performing loans.

Instead, he reportedly transferred US$250 million of that money
overseas and used the balance to pay off personal debt and loans
before fleeing the country in April 2021, documents reveal.

Later that year, an arrest warrant was issued for the fugitive, and,
later, an Interpol Red Notice.

Sources say the man is involved in the aviation industry in Hong
Kong, among other holdings, and, possibly, a luxury-boat building
business in the Netherlands.

He is said to have already bought landmark property on Antigua,
and inside sources allege that he is being courted to buy out a
failing financial institution here.

It is believed that this is the person to whom Prime Minister
Gaston Browne alluded when asked about the fortunes of the
Global Bank of Commerce in Parliament about six weeks ago –
although he claimed not to know the person’s identity.

Meanwhile, insiders are also asking how this fugitive managed to
acquire Antigua and Barbuda citizenship, and are looking
askance at the due diligence undertaken by the Citizenship by
Investment Unit.

In that regard, there is some speculation, as well, that the man
might be using another name.

Further, the insiders say that depositors in the struggling financial
institution should be concerned about the ultimate disposition of
funds if the sale of the bank to this person goes through.

Accordingly, the sources are calling on the Financial Services
Regulatory Commission (FSRC) and the Office of National Drug
Control and Money Laundering Policy (ONDCP) to act in the
interest of not only the depositors but the image of Antigua and