The controversial businessman said $AUS3.3m settlement with Australian authorities motivated by "practical considerations". William Yan's record-breaking deal with police is the second time the wealthy businessman has forfeited a small fortune to authorities. The accounts were frozen because he was suspected of operating bank accounts in a false name, Yang Liu - the name in which he was later granted New Zealand citizenship. The matter was settled when Yan consented to the money being forfeited without any admission of liability. The Auditor-General later investigated how Yan came to be granted citizenship, and criticised Jones, but found no evidence of wrongdoing.

Source: New Zealand Herald August 23, 2016 03:33 UTC