Article published: 10:51 AM Tuesday May 26, 2009
Accidental millionaire Leo Gao 'dreamt of getting rich quick'
A New Zealand man who fled with his girlfriend after receiving millions of dollars in a banking error is described by friends as an unsuccessful businessman whose main aim was to get rich quick.
An international search is underway for Leo Gao, a Korean national, and his girlfriend Cara Young, a New Zealander, who disappeared two weeks ago after finding their bank account had mistakenly been credited with $NZ10 million ($8 million). It is understood the couple, who ran a failing service station in Rotorua, on North Island, had applied to Westpac Bank for a $NZ100,000 loan but were given 100 times that amount instead.
The young couple, who are in their mid-twenties, told friends they were going on holiday but instead withdrew at least $NZ3.8 million and left the country.
Their car was found abandoned at Auckland airport and the police believe they have fled to China. Interpol and NZ police are focussing their search on Beijing and on Hong Kong.
Ms Young's four-year-old daughter Lena and Mr Gao's mother and siblings who lived with him in a house near the service station, BP Barnetts, have also disappeared according to the couple's friends.
Chevi Lambert, owner of the neighbouring business Andy's Cellar told The Times that Mr Gao "dreamt of getting rich."
"He talked to me about his dreams and ventures," Ms Lambert said. "His one big dream was to make money. He bought a fish and chip shop next door to the garage and wanted to make it into a Chinese fish and chip shop. But he didn't do anything about it.
"It just sat there empty and after about six months he sold it for less than he bought it for.
"That was around the time when BP started going downhill. He lost motivation; the pressure of working those those long hours left him really stressed," she said.
"At the same time he and Cara were having a lot of problems," she added. "They split up about a month ago but they were trying to work things out."
Westpac, which has still not publicly identified the account holder, said today the customer in question (Mr Gao) had in place a temporary overdraft facility with a limit up to $NZ100,000.
"It sought to formalise that limit, at which stage an error occurred, the consequence of which was opening up that limit to $NZ10 million," said Westpac New Zealand media relations Manager Craig Dowling.
The customer then attempted to transfer amounts totalling around $NZ6.7 million, but the bank had managed to recover $2.8m, he said.
"Westpac is continuing to vigorously pursue the outstanding amount of $NZ3.8 million," he said, adding that the error was not made in the local Rotorua branch.
Before they disappeared, leaving only a note on their garage door saying the company had gone into receivership, the couple reportedly told friends they were planning a holiday.
Helaine Aim, who bought St Andrews fish and chip shop from Mr Gao, said she last saw her friends two weeks ago - around the time they realised they were accidental millionnaires.
"I would go and have coffee with them at their house. They told me they were planning a holiday," she said. "I did not see them for a couple of days. I thought it was a little strange but didn't think much about it because I thought they were busy preparing for the holiday."
Mrs Aim said the couple told her they had applied for a loan to refurbish the service station which they were then going to sell.
NZ TV3 reported that Mr Gao had left NZ still owing a Rotorua building company $NZ30,000, while other creditors also remained unpaid.
Ms Lambert said a private detective hired by Westpac told her he had proof Mr Gao had left NZ and that his records showed Ms Young had used her boyfriend's credit card in Auckland on May 6, a day after the money had been credited to the couple's account.
Ms Lambert said the detective, Mike Dingwall, had visited her shop with a photo of Ms Young, asking if staff recognised her.
"And our answer was, 'Yes, it's Leo's girlfriend.'"
Ms Young's mother, Suzanne Hurring, told TV3 she could not believe her daughter had stolen the money, describing her as "beautiful and honest."
"This was the crazy thing, she has never pinched a thing in her life. She is so honest," she said.
She would like to "wring (Mr Gao's) blimmin' neck," she added.
Records list Mr Gao, along with Huan Di Zhang, as the owners of BP Barnetts. It was placed in receivership this month.
Detective Senior Sergeant Harvey of Rotorua CIB who is leading the investigation would not discuss the case with The Times but told the Herald newspaper in New Zealand that police were working with family members of one of the couple.
Source: The Australian
http://www.theaustralian.com.au/news/world/accidental-millionaire-leo-gao-dreamt-of-getting-rich-quick/story-e6frg6so-1225716356782
Accidental millionaire Leo Gao 'dreamt of getting rich quick'
A New Zealand man who fled with his girlfriend after receiving millions of dollars in a banking error is described by friends as an unsuccessful businessman whose main aim was to get rich quick.
An international search is underway for Leo Gao, a Korean national, and his girlfriend Cara Young, a New Zealander, who disappeared two weeks ago after finding their bank account had mistakenly been credited with $NZ10 million ($8 million). It is understood the couple, who ran a failing service station in Rotorua, on North Island, had applied to Westpac Bank for a $NZ100,000 loan but were given 100 times that amount instead.
The young couple, who are in their mid-twenties, told friends they were going on holiday but instead withdrew at least $NZ3.8 million and left the country.
Their car was found abandoned at Auckland airport and the police believe they have fled to China. Interpol and NZ police are focussing their search on Beijing and on Hong Kong.
Ms Young's four-year-old daughter Lena and Mr Gao's mother and siblings who lived with him in a house near the service station, BP Barnetts, have also disappeared according to the couple's friends.
Chevi Lambert, owner of the neighbouring business Andy's Cellar told The Times that Mr Gao "dreamt of getting rich."
"He talked to me about his dreams and ventures," Ms Lambert said. "His one big dream was to make money. He bought a fish and chip shop next door to the garage and wanted to make it into a Chinese fish and chip shop. But he didn't do anything about it.
"It just sat there empty and after about six months he sold it for less than he bought it for.
"That was around the time when BP started going downhill. He lost motivation; the pressure of working those those long hours left him really stressed," she said.
"At the same time he and Cara were having a lot of problems," she added. "They split up about a month ago but they were trying to work things out."
Westpac, which has still not publicly identified the account holder, said today the customer in question (Mr Gao) had in place a temporary overdraft facility with a limit up to $NZ100,000.
"It sought to formalise that limit, at which stage an error occurred, the consequence of which was opening up that limit to $NZ10 million," said Westpac New Zealand media relations Manager Craig Dowling.
The customer then attempted to transfer amounts totalling around $NZ6.7 million, but the bank had managed to recover $2.8m, he said.
"Westpac is continuing to vigorously pursue the outstanding amount of $NZ3.8 million," he said, adding that the error was not made in the local Rotorua branch.
Before they disappeared, leaving only a note on their garage door saying the company had gone into receivership, the couple reportedly told friends they were planning a holiday.
Helaine Aim, who bought St Andrews fish and chip shop from Mr Gao, said she last saw her friends two weeks ago - around the time they realised they were accidental millionnaires.
"I would go and have coffee with them at their house. They told me they were planning a holiday," she said. "I did not see them for a couple of days. I thought it was a little strange but didn't think much about it because I thought they were busy preparing for the holiday."
Mrs Aim said the couple told her they had applied for a loan to refurbish the service station which they were then going to sell.
NZ TV3 reported that Mr Gao had left NZ still owing a Rotorua building company $NZ30,000, while other creditors also remained unpaid.
Ms Lambert said a private detective hired by Westpac told her he had proof Mr Gao had left NZ and that his records showed Ms Young had used her boyfriend's credit card in Auckland on May 6, a day after the money had been credited to the couple's account.
Ms Lambert said the detective, Mike Dingwall, had visited her shop with a photo of Ms Young, asking if staff recognised her.
"And our answer was, 'Yes, it's Leo's girlfriend.'"
Ms Young's mother, Suzanne Hurring, told TV3 she could not believe her daughter had stolen the money, describing her as "beautiful and honest."
"This was the crazy thing, she has never pinched a thing in her life. She is so honest," she said.
She would like to "wring (Mr Gao's) blimmin' neck," she added.
Records list Mr Gao, along with Huan Di Zhang, as the owners of BP Barnetts. It was placed in receivership this month.
Detective Senior Sergeant Harvey of Rotorua CIB who is leading the investigation would not discuss the case with The Times but told the Herald newspaper in New Zealand that police were working with family members of one of the couple.
Source: The Australian
http://www.theaustralian.com.au/news/world/accidental-millionaire-leo-gao-dreamt-of-getting-rich-quick/story-e6frg6so-1225716356782
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