No joy for Chinese on US$170m fraud charge

Zimbabwe. After registering the companies, Hsiao allegedly opened bank accounts and allocated himself and his wife 50 percent shareholding in the companies.
In his failed application for refusal of further remand, Liu argued that there was no rea­sonable suspicion warranting his placement on remand. But magistrate Ms Anita Tshuma threw out the application saying Liu had a case to answer.
Another attempt by Liu to have his bail con­ditions relaxed also hit a snag yesterday.
Liu was barred from visiting the seven sub­sidiary firms and from being involved in the firms’ day-to-day running. He, however, applied for permission to run the businesses pending determination of the criminal case.
Ms Tshuma dismissed the application saying Liu’s lawyers had consented to the imposi­tion of the same conditions during the bail applica­tion.
“He was ordered not to interfere with wit­nesses among other conditions, which were consensual and there was to be compliance.
“The conditions were to allay any fears that were tabled by the State and there was a reason for conditions to be imposed by the court.
“The accused was arraigned before the court facing theft and fraud charges. At that time the State did not oppose his release on bail where conditions were attached,” she said.
Liu argued through his lawyer Mr Musindo Hungwe that the bail conditions were preju­dicing his rights.