Fraud suspect pays $31m:

A Chinese-born businessman has agreed to pay New Zealand authorities US$31 million to settle their money laundering investigation into him, although he remains wanted by Beijing over the alleged multi-million-dollar fraud.

William Yan, 45, holds New Zealand citizenship and denies any wrongdoing. Although he was never charged in New Zealand with moneylaundering, China still considers him one of the country’s most-wanted suspects.

New Zealand police said Tuesday they have frozen assets worth NZ$42.85 million (US$31.22 million) including luxury cars, property and millions of dollars in bank funds, which will not be released until the money is paid.

The settlement with Yan, his wife Wei You and two associates follows a complex three-year investigation into alleged laundering of money derived from a series of frauds in China between 1999-2001. (AFP)