A Chinese man who allegedly borrowed $10-million from a Chinese bank, then fled the country and bought multiple Vancouver properties with the money has been ordered to repay the sum.
China CITTIC Bank claims Shibiao Yan bought three homes with the loan in Surrey and one in Vancouver, none under his name.
Last month, the BC Supreme Court upheld an arbitration ruling in China ordering Yan to repay back the money.
Fraud expert and lawyer Christine Duhaime represents CITTIC Bank, and calls it a landmark ruling.
“It’s a large bank of China and it’s owned by a government and it involves money that came to Vancouver, which is a hot ticket item. So all those together and the award being recognized and enforceable makes it a first.”
That said, Duhaime says it doesn’t mean collection will be easy.
“It’s a matter of tracking down assets, going after assets and trying to recover the loan as much as we can. At this point it’s a debt collection.”
She says Yan still owns the Vancouver home, under his wife’s name.
Duhaime says the other three homes in Surrey were sold last year.