The Rotorua man dubbed the "runaway millionaire'', Leo Gao, has been refused electronically monitored bail.
Gao appeared before Judge James Weir in the Rotorua District Court on Monday when his lawyer Ron Mansfield applied for electronic bail which was opposed by police. Judge James Weir reserved his decision, which he has just
released this morning in which he refused electronically monitored bail.
Gao, whose name appears on charge sheets as Hui Gao, faces 17 charges of theft of $6,782,000, including one joint
charge with Kara Hurring, and 10 charges of money laundering.
Eight of the laundering charges are joint charges with Hurring. The charges relate to offending alleged to have been committed between April 24 and May 5, 2009 in Rotorua, but mostly in Auckland.
Gao is accused of stealing amounts from $2000 to $500,000, and of laundering varying amounts of money from $361,663.65 to $500,000.