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Chinese casino drawn into bank bungle millionaires' tangled web

27 May 2009

NEW ZEALAND AND CHINA -- As reported by The Age: "Have money, will spend.

"That appears to be the motto of New Zealand's now infamous cashed-up couple who have fled to China after pocketing millions of dollars accidentally handed to them by a bank.

"Westpac has begun court action against the owner of an international casino chain with a gambling palace in Macau.

"The implication is that Leo Gao, 29, and girlfriend Kara Yang, 30, skipped across to the gambling mecca to fritter away a sizeable chunk of the $NZ3.8 million ($3 million) they escaped New Zealand with after the embarrassing banking bungle.

"...The bank has also seized four properties to try to claw back the losses that stem from a decimal point-sized error that led to Gao being given a bank loan of $NZ10 million instead of $NZ100,000.

"...Gao, a cash-strapped Chinese national, did what most would never dare and called up the funds, put his struggling service station into receivership and got on a plane to greener pastures.

"...Police have repeated calls for the pair to "reflect on their options" and return home before all the money is spent..."

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