23 May 2009

Bank seeking to seize Rotorua runaways' assets

4:54 pm on 23 May 2009

Westpac is attempting to seize property owned by the Rotorua pair accused of unlawfully withdrawing millions of dollars from their bank account.

Leo Gao and his girlfriend Cara Young, who owned a service station, applied for a $100,000 overdraft but were mistakenly given a $10m one.

Radio New Zealand understands that some of the properties owned by the pair were purchased with money loaned to them by Westpac.

It is understood that $6.7 million was withdrawn from the account; the bank has recovered $2.9 million of that and is continuing to pursue the outstanding sum of $3.8 million.

The business at the centre of the case, a BP service station on Old Taupo Rd, closed suddenly last week and has been put into receivership.

The police say they are looking for two people in Hong Kong, through Interpol and official channels in Beijing.