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by Mike Caswell
The legal wrangling over a $521-million (U.S.) fraud at former Nasdaq listing China Medical Technologies Inc. has arrived in the Supreme Court of British Columbia, with the company's liquidator seeking an asset freeze over a West Vancouver home. The liquidator claims that a former China Medical executive, Feng Zhu (also known as Charles), was part of the fraud. Mr. Zhu lives in the Vancouver area and owns a West Vancouver home that is listed for sale for $2.9-million.
The allegations are contained in a notice of claim filed at the Vancouver courthouse on July 30, 2018. They trace back to a fraud that occurred in 2007 and 2008, when China Medical Technologies was a Nasdaq company purportedly in the business of treating cancer and other ailments. According to the lawsuit, the company's management members of the day misappropriated $521.8-million (U.S.) of the company's money. They did so by arranging an acquisition of two assets (called fluorescent in situ hybridization technology and surface plasmon resonance technology).
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