New Zealand authorities said on Tuesday, Aug. 23, that a former pharmaceutical executive accused of misusing money in China has settled the case in New Zealand following the payment of $31 million, Seattle Times reported.
According to the report, the settlement is the largest ever made in New Zealand and the first for cases perpetrated in China.
The police said in a statement that William Yan settled the case but did not acknowledge any liability.
Simon Lance, one of Yan's lawyers based in Auckland, said in an email that his client "does not accept that he is guilty of embezzling money in China."
Another lawyer, Marc Corlett, said in a statement that the settlement was a "commercial compromise" made in order to recover Yan's seized assets and allow him to "return his focus to his business activities in New Zealand and elsewhere."
Yan's homes, luxury cars which included a Porsche and a Maserati, as well as stock from his wife and two associates were previously seized by authorities.
According to police, the seized items will be returned to Yan and the others after the return of the $31 million (43 million New Zealand dollars), which will be divided between the Chinese and New Zealand governments.
The New Zealand government did not say whether or not Yan will be extradited to China. The Chinese embassy in Wellington did not respond for comments.
Critics, however, question why no case has been filed against Yan and why New Zealand has yielded to China's demands.
New Zealand Prime Minister John Key said that it would be up to the police, who handled the investigations, to determine whether it is better to settle a case or pursue charges.
But Winston Peters, an opposition lawmaker, said that the handling of the case is embarrassing for the country. "You know, we're dancing on a pinhead for China in so many areas," he said.
Yan, who was listed under the name Yan Yonming, is ranked number 5 in the list of 100 most wanted economic fugitives issued by China last year, as part of their operation called Sky Net.
Chinese police were seeking Yan in the city of Tonghua, where he last worked as chairman of a pharmaceutical company, the Tonghua Golden Horse Group. Yan has three different passport numbers and three national identification numbers. He is also using the name Liu Yangming.
New Zealand is one of three popular destinations for Chinese economic fugitives, who number between 11 and 20 in the country. The other countries are Canada and the U.S.