Found living in NZ, $26.5m fraud accused motor racing team owner's frozen Kiwi assets revealed

Michael Chua's Kiwi assets remain frozen after being found living in NZ while Malaysian police sought to arrest him over bribery and fraud allegations. Photo / Supplied

Millions of dollars in frozen Kiwi assets belonging to a motor racing team owner, revealed to be a wanted Malaysian businessman, are unveiled by the Weekend Herald.

Nearly two dozen high-end exotic vehicles, including a Hummer and Batmobile-like race car, comprise the frozen New Zealand wealth of a fraud accused Malaysian businessman and his companies.

It also includes a vintage 1960s Mustang, several other race cars, motorcycles, and a five-bedroom North Island lifestyle block.

The list of assets belonging to Michael Chua Khian Keng and his motorsport companies can now be published after the Weekend Herald was granted access to his High Court file this week.

The 44-year-old, better known as Michael Chua, "fled" Malaysia for New Zealand in September 2015 after being accused by his former employer, Mudajaya Corporation Berhad (Mudajaya), of defrauding it of $26.5 million in 2012 and 2013.

A marked man and wanted by the Malaysian police, Chua was later discovered by private investigators - hired by Mudajaya's CEO - living an opulent life as the owner of racing and exotic car companies Mike Racing Ltd, Mike Motorsport Ltd and Crux International Ltd near Palmerston North, the Weekend Herald revealed last month.

He is now facing trial after being arrested in Bangkok in March and taken back to Malaysia.

Mudajaya, which alleges Chua took bribes from subcontractors in a major power plant construction project, has sought to freeze his global assets as it attempts to recoup what it says is owed.

A yellow and black Hummer is among the frozen assets of Michael Chua and his companies. Photo / Supplied

After finding Chua in Manawatu, Mudajaya applied for a without notice registration of a Malaysian civil judgment in New Zealand and freezing orders for his assets.

Auckland High Court Justice Sally Fitzgerald granted the orders in February, but later rescinded them in June.

Varied orders, however, remain in place on an interim basis while Mudajaya challenges the June judgment in the Court of Appeal.

Some of Chua and his companies' frozen assets include;

• The ultra-light black Batmobile-like sports car KTM Xbow R

• A yellow and black Hummer H1

• Mercedes-Benz Actros truck

• 1965-67 Mustang

• Titan Chopper motorcycle

• Aston Martin Vantage V8 2006

• Porsche 997 GT3 2012

• Mercedes-Benz SLS AMG GT3 2014

• Several motorcycles, including a BMW R 1200 GS and Agusta MV 800 Dragster.

The ultra-light KTM Xbow R sports race car. Photo / Supplied

Chua and his wife's five-bedroom home on a lifestyle block just south of Palmerston North, which they bought in 2015, is also frozen.

The racing team owner also once owned a black 1955 Porsche 356 speedster, public records show.

The freezing orders further include any of Chua and his companies' New Zealand bank accounts, but he and his wife are permitted $3600 a month for "ordinary living expenses".

Payment of legal expenses and the ordinary business costs of the companies are also allowed, court documents read.

Mike Racing's 2012 Porsche 997 GT3. Photo / Supplied

Having a self-confessed love for "anything on wheels", Chua founded Mike Racing in 2008, which he moved to New Zealand with him.

Along with being the director and sole shareholder of Mike Racing and Mike Motorsport, he also owns 85 per cent of the shares and is the director of the luxury vehicle company Crux International, New Zealand Companies Office records show.

Mudajaya's allegations against Chua include claims of "secret profits" from three subcontractors working on the power plant project which Chua arranged to be paid to him, a Malaysian company and another corporation controlled by his brother.

The large public company also alleges in early March 2015, during three meetings with senior Mudajaya executives, Chua confessed to his involvement and agreed to resolve the debt.

But Chua claims his alleged admissions were obtained through threats of violence, which were recorded on audio tapes, court documents read.

Chua and his family then "appear to have deliberately fled Malaysia" in order to avoid the police and frustrate Mudajaya's attempts to recover the amounts stolen, High Court documents read.

Michael Chua was living in New Zealand while wanted by Malaysian police over an alleged $26.5m fraud. Photo / Supplied

In an affidavit by Chua, however, he said in September and December 2015 he voluntarily returned to Malaysia to meet police about their investigation and denies absconding to New Zealand.

Justice Fitzgerald said in her judgment it did not appear Chua's "admissions" were influenced by threats and the "overall impression" from the transcripts was that he was accepting of his involvement and sought to make amends.

"There is also no clear explanation by Mr Chua (or his wife) of how they came to fund what on any view was a substantial property portfolio in Malaysia, as well as a racing car business," she said.

The 2014 Mercedes-Benz SLS AMG GT3. Photo / Supplied

"There remains a question mark over the source of funds to maintain the racing 'hobby' and lifestyle which Mr Chua evidently enjoys."

But the judge wished to "make it clear" she was not suggesting Chua was guilty of taking or received bribes while working for Mudajaya.