A bankrupt Auckland manufacturer who bet more than $20 million of hid money and lost over $1.5m - cash he could have used to pay back his loan bosses - has been imprisoned. Li Dong Xie, 50, was condemned on 10 charges under the Insolvency Act 2006 this evening to three years and four months' detainment by Judge Russell Collins in the Auckland District Court. Xie, who likewise passes by the names Lidong Xie, Frank Xie and Solomon Xie, was captured endeavoring to load onto a trip to China before he confessed to the charges on March 12 - the day he was because of stand preliminary.
His is one of the biggest bankruptcy cases to ever be heard under the watchful eye of New Zealand's courts. Xie was bankrupted for a second time in July 2010 for neglecting to pay obligations he acquired while maintaining his building business, New Town Home Construction Ltd. He was then accused of hiding property, betting, going about as the chief of an organization without the assent of the Official Assignee, acquiring credit, endeavoring to get credit, getting property using a credit card, neglecting to document a Statement of Affairs, and attempting to leave New Zealand without the assent of the OA. Court records discharged to the Herald appear between December 2010 and August 2015 Xie bet $20,526,726 at SkyCity Casino. Amid that period his net misfortune was $1,518,828 - only all on the gaming machines.
The court heard today that the misfortunes could have paid Xie's loan bosses many, many circumstances over by what was bet, and lost, and that his casualties had endured generous misfortunes. Official Assignee Ross van der Schyff said in a before explanation that Xie demonstrated a neglectful nonchalance for the commitments as a bankrupt, which had been clarified to him by the Official Assignee.
van der Schyff stated:
Xie proceeded to unlawfully maintain his business between July 2010 and August 2015. When he went ahead to get roughly $1.5 million in profit through his business dealings, as opposed to pay his loan bosses, he place it into space machines at SkyCity Casino. The conduct of this individual is an attack against the more extensive business network, who do meet their commitments, and can possibly make critical interruption and damage the lives of ordinary New Zealanders. Following this series of ruptures, and Xie's endeavor to leave the nation in a conspicuous endeavor to maintain a strategic distance from his commitments, we are satisfied that Mr Xie has been considered responsible for his culpable.
Judge Collins told Xie amid condemning today:
I have no uncertainty you knew precisely what you were doing. Any claim on your part that you didn't recognize what you were doing, simply doesn't wash with me by any stretch of the imagination.
The judge said Xie purposely disregarded his commitments as a bankrupt and kept on maintaining his business in an exceptionally hands on way. Xie had attempted to legitimize his culpable as being because of an absence of correspondence, the court heard. His first chapter 11 came in 2004. Because of the second liquidation, he is denied from being a chief, promoter, or engaged with the administration of an organization, except if he acquires the leave of the court, until March 12, 2023. He additionally can not to partake in the administration of any business without assent from the OA.