Anthony

Chan

Frauds

Bankruptcy

Anthony Chan was declared bankrupt in Hong Kong (case number B3538/2016) on 17 August 2016 (under his real name, Wing Yuen Chan) owing his creditors over HKD 50 million.

 

The firm, Zolfo & Cooper (which became Duff & Phelps and now Kroll), was appointed as his trustee in bankruptcy, responsible for liquidating Anthony's assets to pay his creditors.

 

Anthony remained bankrupt for four years, until being automatically discharged from bankruptcy on 17 August 2020.

 

However, Anthony made many of his fake investment commitments for millions of USD, GBP, HKD, Swiss francs, RMB and Euro to his multiple victims during the four years he spent as an undischarged bankrupt.

 

John Chan, the closest friend of Anthony Chan, was also made bankrupt in Hong Kong (case number B3030/2003) under his real name, Chan Lam Chun John.

 

Under Hong Kong bankruptcy law, a person who is made bankrupt is required to put all his assets into the hands of the trustee in bankruptcy (Zolfo & Cooper in the case of Anthony) to be liquidated for distribution to his creditors.

 

During his bankruptcy, Anthony Chan used John Chan (a discharged bankrupt) as his “money man” to receive money in order to circumvent the restrictions imposed on him by Zolfo & Cooper.

 

Under Section 480 of the Hong Kong Companies Ordinance, it is a criminal offence for an undischarged bankrupt, like Anthony, to "directly or indirectly take part or be concerned in the management of a company except with the leave of the Court by which he was adjudged bankrupt", but Anthony used multiple companies to make his fake investment commitments during his four-year bankruptcy.

 

After Anthony was automatically discharged from his four-year bankruptcy on 17 August 2020, he continued to make multiple fake investment commitments, and continues to do so, even to this day.

 

As at today, Anthony's pre-bankruptcy creditors still remain unpaid. One of the reasons why Anthony went bankrupt was the significant financial burden he undertook maintaining his four long term mistresses in mainland China (including paying for their education), and paying for the services of dozens of young prostitutes in mainland China, Korea, Macau, Japan, Thailand and elsewhere.

 

Victims of Anthony Chan’s frauds should consider approaching his trustee in bankruptcy – Zolfo & Cooper (now Kroll) – given that many of the fake investment commitments made by Anthony were made while he was an undischarged bankrupt, subject to the oversight, control and reporting requirements of Zolfo & Cooper.

 

While Anthony was telling his victims that he had at least USD 50 million in his bank accounts at Rabobank and ABN Amro in Holland, he was telling his trustee in bankruptcy that he had no monies or other assets to pay off the HKD 50 million that he owed to his creditors.