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Chinese Court Freezes RMB635 million in Boyaa Interactive’s Company Funds

Boyaa Interactive, one of the leading developers and operators of online card games based in Hong Kong, had a large sum of its company funds frozen by the Chinese court due to continuing investigation into alleged illegal activities of Boyaa’s former CEO, Zhang Wei. If the Court finds that the money has been gained through Zhang’s unlawful actions, the whole amount may be seized.

Zhang Wei Was Sentenced to 12 Months in Prison

Zhang, who used to act as the company’s CEO, was found guilty of offering “bribes by entities” last September and sentenced to spend 12 months in jail (plus 18 months’ time deferred). It was discovered that Zheng and several others in the company were purposely promoting their poker apps to be used as proxies and thus helping illegal gambling rings to continue with their operations.

While Boyaa Interactive confirmed that a good portion of their “idle cash reserves” were frozen by the Court pending the results of the inquiries into whether or how much of the money came from the unlawful activity, it has also stated that it is unlikely that the seizure would materially affect its current operations.

The company has also declared that they had no prior knowledge of the situation as the case did not directly involve Boyaa itself and so

“the risk that the Company, its directors and its senior management will be subject to any prosecution by the relevant PRC judicial authority in relation to the alleged crime is remote.”

Source: https://europeangaming.eu/portal/compliance-updates/2019/09/04/53494/chinese-court-seizes-bank-accounts-of-boyaa-interactive/

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About the author

Michaela Vavrusova

Michaela Vavrusova

Michaela is a freelance journalist, writer and a translator with passion for everything new. She has a university degree in Journalism and years of experience writing for various newspapers and magazines on a wide range of subjects. She takes her inspiration from travelling around the world discovering different cultures and lifestyles.

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