Businessman convicted of laundering $1.2m offers restitution
August 17, 2019 7:30 am
A man convicted of laundering over $1.2 million informed the Suva High court yesterday that he is willing to restitute part of the money.
A partial pay of the money he unlawfully took thinking it was his.
After 18 days of trial, Aidong Zhang, was convicted of one count of obtaining property by deception and one count of money laundering.
The court heard that between 2014 and 2016, he deceptively obtained property and engaged directly or indirectly in money laundering amounting to over $1.2 million.
He deceptively obtained the money from the complainant who was his business partner on the pretext that a property was being sold at $5.5 million instead of its actual price of $3.3million.
His lawyer Iqbal Khan during mitigation hearing said that his client thought that that was his profit.
Khan said in court that his client was willing to restitute $800,000 in three weeks and asked if his client could be released on bail.
He also said that his client was willing to surrender his shares to the complainant.
However, the prosecution objected to bail.
The prosecution asked for seven years sentence for the first count and 11 years for the second count.
High court Judge Justice Salesi Temo remanded Zhang in custody saying that he was dealing with a man who could buy his way out of the country.
Zhang will be sentenced on the 16th of September.