Liquidator placed over cash-for-visa broker’s company after Nuremore Hotel closure

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Assets bought by Kai Dai’s Huawen Foundation include hotel in Carrickmacross, Co Monaghan which has been shut since January because of cash flow issues

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.

 

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