What Citizen Yan wants
Multi-millionaire investor William “Citizen” Yan wants police to release to him about $4000 cash per month for living expenses, and pay other expenses directly, his lawyers say.
The controversial businessman has had assets frozen since an August raid on his home. Police say the freeze was in relation to an investigation into money laundering but have not laid any charges as yet.
Yesterday Mr Yan - who also goes by the name Bill Liu and several other aliases - brought an application to release living expenses to the High Court at Auckland before Justice Geoffrey Venning.
His lawyer Simon Lance told NBR ONLINE Mr Yan wants money for food, phone, petrol power and internet which would cost roughly $4,000 per month.
He has also asked the police to use the funds to pay direct expenses such as an $80,000 per year mortgage for the Metropolis apartment in which he lives. He wants about $70,000 per annum in school fees for his two children to attend private school Diocesan School for Girls. Other expenses Mr Yan wants paid direct include body corporate fees and insurance for his Porshe and BMW.
Mr Lance said his client had turned down an original offer by the police to release $5,000 in cash per month because it was not enough.
While being cross-examined by police lawyer Mark Harbarow, Mr Yan said through an interpreter he had survived for three months without requesting funds as his wife was left between $3000-4000 and he had borrowed about $20,000 from a friend.
Mr Yan, who is also being represented by newly minted QC Paul Wicks, said he had not paid any legal fees since the raid “because [my lawyers] believe in me and know I will win.”
He said that he no longer gambled and had not for two years. When asked how much he had won or lost gambling he told the court he did not know, and said it was not relevant to the application.
Mr Yan was quizzed on his foreign bank accounts, shares in Mega, luxury cars including three Porsches and a Rolls Royce which he says he gave away, and his involvement in the ill-fated Albany Heights project. He refused to answer some questions based on the fact that it could incriminate him as he faces charges in China.
At one point during the proceeding Justice Venning interrupted the police cross examination and suggested that the questioning may be going beyond the scope of what was neccesary for the decision he was to make about expenses.
Detective Senior Sergeant Craig Hamilton, the officer in charge of the case, is expected to give evidence later this week as the case continues.