A Chinese bank is suing to freeze and recover the Metro Vancouverproperty assets of a Chinese citizen who allegedly “fled China” with anunpaid $10-million dollar loan.
A petition filed in B.C. Supreme Court by China Citic Bank allegesthat when Shibiao Yan and his family applied for a loan in June 2014,they lied to the bank about managing a business and owning assets inChina.
The suit alleges that Yan and his wife were living in Vancouver andbuying B.C. homes without disclosing the information to Citic. Citic’ssuit says that the bank located four B.C. homes worth $7.2 million.