Truevera was appointed liquidator to an investment holding company in Hong Kong owned by two European banks. This entity had previously received tainted dividends from its subsidiary in the P.R.C. 

Challenge

Truevera was appointed Liquidator by the shareholders (Two European Banks) of an investment holding company in Hong Kong. This investment holding company had previously received tainted dividends from its subsidiary in the P.R.C

Solution

Once appointed Liquidator, Truevera liaised with external counsel to self-report the tainted dividend to the Financial Crimes Unit of the Hong Kong police. The remaining assets were realised accordingly. 

Results

Following no further action taken, tax clearance was obtained, and assets realised with the remaining capital distributed to shareholders. This entity has now been dissolved.