Two life insurance policies worth $98,000, which former tour guide Yang Yin wants to use to raise cash for his legal fees, were investigated by the Commercial Affairs Department (CAD).
This was revealed yesterday in court by the CAD, which explained why it had seized both policies.
Following the closed-door hearing, Yang's lawyer, Mr Joseph Liow, said the CAD will file an application with the courts for the assets to be released.
The Attorney-General's Chambers later clarified that CAD intended to file a report to release the insurance policies to the person entitled to their possession. A magistrate's hearing on the matter will be held at a later date.
But even if this is settled in Yang's favour, the 41-year-old Chinese national still faces another battle to cash in the policies.
Madam Hedy Mok, a 61-year-old tour agency owner, has filed an appeal against the court's earlier decision to allow Yang to liquidate them.
She has accused Yang of manipulating her wealthy 88-year- old aunt, Madam Chung Khin Chun, and siphoning her money, and has started a series of legal actions against him.
Last August, Madam Mok succeeded in getting the courts to freeze Yang's assets. She is also suing him for damages.
Madam Mok's lawyer, Mr Peter Doraisamy, declined to comment after the court hearing yesterday, saying only that the CAD has intervened and ongoing court applications have been adjourned until the CAD's court application is heard.
Yang met Madam Chung, a retired physiotherapist, in 2008 in Beijing when he acted as her private tour guide. A year later, he moved into her $30 million bungalow in Gerald Crescent.
In 2012, he was given the right to manage her assets and welfare under the Lasting Power of Attorney (LPA) scheme.
But last September, Madam Mok evicted Yang and his family from the bungalow. Two months later, a court revoked the LPA.
Last month, the Family Court executed a will that leaves most of Madam Chung's assets to charity. It replaced an earlier will made in 2010 where Yang stood to inherit millions, including Madam Chung's bungalow. Yang is challenging this decision.
The permanent resident has been in remand since Oct 31 last year. He faces more than 300 criminal charges, including two criminal breach of trust charges for allegedly misappropriating $1.1 million from the wealthy widow.
This article was first published on May 06, 2015.
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