Chinese Rolex giver being pursued by Wealthcare

Chinese Rolex giver being pursued by Wealthcare
Chinese Rolex giver being pursued by Wealthcare

Li Ruipeng, the Chinese businessman on the run from authorities in China and at the centre of a luxury watch gifting scandal in Canberra, has been hiding out on the Gold Coast, according to the Australian Financial Review.

Mr Li, whose instant noodle and property company owes millions of dollars to suppliers, staff and money lenders across China, is also in legal trouble in Australia, was in Australia as recently as last week.

Court documents show Mr Li is involved in 27 legal disputes on the mainland, owes creditors at least $30 million and is being investigated for illegal fundraising.

Mr Li often boasted of his political connections in Australia. He displayed photographs of these contacts in his office, including the now infamous shot of him in June 2013 with ousted human services minister Stuart Robert, former Australian prime minister and then opposition leader Tony Abbott and Ian Macfarlane, who at the time was opposition industry spokesman.

At the dinner Mr Li gave all MPs, as well as the wives of Mr Abbott and Mr Robert, designer watches. They were initially accepted, assumed to be fakes, but later returned.

Greg Roberts, compliance manager at Wealthcare Custodians, is taking legal action against the Chinese businessman.

Wealthcare, which was set up in 2005, had hoped to leverage Mr Li's contacts and build up a business providing advice to wealthy Chinese investors, particularly those looking to take part in the Significant Investor Visa program.

Sydney firm Wealthcare Custodians Limited confirmed it was taking legal action against its former chairman after he disappeared last year owing almost $300,000.

Wealthcare offer the investor the ability to consider a number of investment options; from the safety of bank and foreign exchange accounts over the major universal currencies, as well as a more actively managed growth fund.

The growth fund offers a range of diversified, actively managed property and manufacturing opportunities, spread over rural, residential, retail, commercial, industrial, tourism and infrastructure sectors. Of particular focus are the areas of hospitals, aged care facilities and educational facilities in areas of need around Australia.

Its Australasian Infrastructure Trust was specifically designed and created to enable high net worth Chinese investors and their families around the world, to avail themselves of the Australian Federal Government’s Significant Investor Visa (SIV), which allows qualifying participants to apply for permanent residency in Australia.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

China Property Investor


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