Citizen Yan says Porsche not for him but for Albany Heights company car
See also: What Citizen Yan wants
Controversial businessman William Yan has been quizzed over three luxury cars said to be his as he makes an application for reasonable living expenses.
The Police questioned Mr Yan over three Porsches linked to him in their opposition to the request.
Mr Yan is giving evidence in the High Court at Auckland through an interpreter today to support his application.
The businessman had assets worth about $40 million seized by police in August as part of an investigation into money laundering.
The investigation continues and the police have not yet laid charges.
Facing questioning from police lawyer Mark Harborow before Justice Geoffrey Venning, Mr Yan asserted that a new Porsche ordered from Giltrap Motors was not for him but for development company Marmande Property Investments. That company, directed by George Hunter, is now behind the failed Albany Heights development.
He told the court that a white Porsche was the Marmande company car, and while he was involved in the purchase, he was not the only one. He had gone shopping with developer Chris Cook for the car.
However, Mr Harborow put before the court documents from Giltrap Motors for the Porsche, which included Mr Yan's alias, Bill Liu, and the company Marmande.
Mr Yan asserted it was not his car but for the company. He said the company would work on an arrrangement whereby one Porsche was purchased by Marmande and the second Porsche was ordered on a swap arrangement.
Mr Yan said the money for the first Porsche was provided by Mr Hunter and that Mr Hunter should be asked about it, not him.
Mr Yan explained his company LY Investments does share trading and property investments. It has developed property in Albany Heights and Symonds St in Auckland, he said.
He said profits from the Albany Heights, now known as Silvermoon development, would come into Marmande, and that, once the property was developed, he would profit as he was a shareholder through a limited partnership of 20% through a discretionery trust.
He said he does not have any money in the Albany Heights development. He also said that LY had borrowed $100,000 from Marmande without security before the August raid on his home.
Mr Harborow questioned Mr Yan, who is being represented by Paul Wicks QC, over a series of transactons to LY from Marmande.
Mr Yan said to his best knowledge some were reimbursements for what he spent on the company – for example, as part of his sales role, he had asked people to lunch or dinner, for which he was reimbursed.
He said the police's restraint on his assets had meant he incurred more interest from finance companies and said that it was becoming difficult for him to borrow money, causing a loss to the company of $1 million.
In November a judge threw out five separate requests from Mr Yan and his wife Wei You to have assets already seized by police protected.
Mr Yan's citizenship was controversially granted in 2008 against official advice.
The proceedings continue.