A provisional liquidator has been placed over Huawen Foundation Ltd, after a court heard that its owner Kai Dai was a “shadowy figure” who might “engage in maneuvers” to place its main asset, the Nuremore Hotel, “outside the reach of creditors”.
The petition was taken on an ex-parte basis by Yan Wang, a Chinese investor who subscribed for €1 million in loan notes through Kai’s company.