25 May 2015

Head of Vanuatu bank reportedly arrested in Thailand

7:35 pm on 25 May 2015

Police in Thailand have reportedly arrested the Head of Vanuatu's United Development of the Pacific Bank, Ken Lai, for alleged money laundering.

Vanuatu's Daily Post Newspaper says Mr Lai was arrested along with the company's vice president, Yang Yuan Zhao, and seven Chinese accomplices.

The bank first registered in Vanuatu over a year ago and also has a charitable foundation which has donated money to a number of social organisations, churches and schools in Vanuatu.

Mr Lai was recently in Port Vila distributing humanitarian assistance vouchers to communities affected by Cyclone Pam.

They left the country promising that two containers of supplies would be arriving in the middle of next month, and those with vouchers would be able to exchange them for rice and sheets of corrugated iron.