Blackwell Global director Michael Chai resigns after Philippines arrest, NZX-listed firm changes name

Blackwell Global Group founder Michael Chai is the subject of an Interpol Red Notice, according to the Philippines Bureau of Immigration. Photo / Supplied

By RNZ

The director of a New Zealand-based company, who was arrested in the Philippines, has resigned - and his firm will change its name from May 1.

Blackwell Global Holdings, a small finance concern listed on the New Zealand stock exchange, said in an April 19 NZX filing that it had just found out that one of its directors, Michael Chai, was arrested and detained in January.

Messages on X, formerly Twitter, and a statement from the Philippines Bureau of Immigration have named Kaw Sing Chai (aka Michael Chai) as one of three people arrested trying to board a plane to Hong Kong. The Philippines Bureau of Immigration said in a statement on its website: “Chai was found to be the subject of an Interpol Red Notice for fraudulent fundraising.”

A Red Notice is an Interpol global request to law enforcement to locate and provisionally arrest a person, pending extradition.

PHILIPPINES: Bureau of Immigration arrests Taiwanese fugitive Chai Kaw-Sing (蔡高昇) on 16 Jan at Ninoy Aquino International Airport attempting to board flight to Hong Kong. Chai is subject of Interpol Red Notice for fraudulent fundraising. 1/5 https://t.co/wqGNmzGHLL pic.twitter.com/q1ltHHsmpA

— CyberScamMonitor (@CyberScamWatch) January 20, 2024

Blackwell Global chairman Sean Joyce said Chai’s arrest was not related to Blackwell and they were trying to find the exact details of the charges.

“The independent directors have today, through an intermediary, sought the resignation of Mr Chai as a director of the company,” Joyce said in the April 19 filing.

“The independent directors are taking legal advice on this matter, and are looking at the implications of this development on the company.”

In an April 22 update, Blackwell Group said, “At the request of the independent directors, Mr Michael Chai has resigned as a director of the Company with immediate effect. As a consequence, his alternate director Steve Chua has ceased to hold office.

“Given Mr Chai’s departure and the independent directors wish to separate the activities of Mr Chai, who is also a director of the major shareholder of the company, from the company, the board of the company have resolved to change the name of the company to ‘RTO Limited’ and the company’s ticker code from BGI to RTO with effect from May 1, 2024.”

Company Office records name Kaw Sing Chai with a Taiwanese address as a director of Blackwell since June 2017.

An April 22 Companies Office update says Chai owns 8.3 per cent of Blackwall Global Holdings, while the Hong Kong-based Blackwell Global Group, founded by Chai, holds a 71.7 per cent stake.

With reporting by Herald staff.