The NZ ties to an alleged $100m fraud in China

Blackwell Global founder Michael Chai (centre) inked a deal with English Premier League club Everton in 2017. Chinese authorities claim he was also ripping off investors. (Image: Everton FC)

Rebecca Stevenson

Mon, 29 Apr 2024

A "Taiwanese fugitive" wanted for alleged fraud in China used his New Zealand ties to raise about $100 million from Chinese investors, promising them 36% annual returns from a foreign exchange business. Chinese authorities have been hunting Blackwell Global founder Michael Chai since 2020 after he allegedly pocketed CN¥112m (NZ$26m) of more than CN¥410m raised from Chinese investors as the representative of “New Zealand Blackwell Global Investment”, documents sighted by BusinessDesk showed. Taiwanese nati...

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