Yan seeks $5k monthly living costs from seized assets

William Yan is applying to the High Court for living expenses after his assets were seized earlier this year. Photo / Brett Phibbs

William Yan wants around $4500 to $5000 a month for living expenses, as well the interest on a mortgage, body corporate fees, rates, private school fees and insurance on a luxury vehicle paid out of his restrained assets.

The Auckland businessman, who had $40 million of property seized this year, is making an application for living expenses to be released from these assets.

As part of the application in the High Court at Auckland this week, Yan was quizzed by police about three Porsches, a Rolls Royce the businessman gave away, his penthouse in the Metropolis building and a property project in Birkenhead that documents called the "Liu family residence".

Yan, who has also gone by the name Bill Liu in the past, denied this property was intended for his family.

According to one of Yan's lawyers, Simon Lance, his client was applying for around $4500 to $5000 for bills like food, phone, internet, gas and hot water.

Yan also was wants the interest of his mortgage paid for, as well as his body corporate fees for the Metropolis apartment, car insurance (he drives a 2005 Porsche) and fees for a private school where his children attend.

Yan was happy for the payments to be made directly without it going into his account, his lawyer said.

Lance said he did not know off the top of his head the total amount being sought.

Yan's luxury apartment was raided in August because of his alleged involvement in money laundering.

No criminal charges have been laid but at least $40 million of assets have been seized under the Criminal Proceeds Recovery Act.

The Herald revealed in October that Yan is alleged to have stolen $129 million in China and concealed the fortune in New Zealand through complex money, laundering transactions, according to court documents.

Court documents show new allegations in the case against Yan, in which Chinese authorities claim he orchestrated several complex deceptions" in a $129 million fraud when he was the chairman of a pharmaceutical company in 2000.

His Queen's Counsel Paul Wicks said in October his client "strongly denies any wrongdoing in any jurisdiction".