Article published: Sunday May 24, 2009
Missing decimal point, now a family's missing with millions
A New Zealand couple who went on the run after a bank accidentally deposited $NZ10million ($7million) into their account have taken a large family entourage with them and are believed to be in Hong Kong.
Neighbours named the couple as Leo Gao and his girlfriend, Kara Young, who ran a BP service station in Rotorua that had just been put into receivership.
Neighbours named the couple as Leo Gao and his girlfriend, Kara Young, who ran a BP service station in Rotorua that had just been put into receivership.
They are believed to have had two weeks' head start before the Westpac banking error was realised.
Mr Gao fled with $3.8 million with Ms Young, her daughter, Lena, 7, younger sister Arawa and Mr Gao's extended family, who lived with them in Rotorua.
New Zealand police have refused to confirm the names of the missing people but sent an officer to China and brought Interpol into the hunt. Ms Young's mother has blamed her daughter's boyfriend for taking the money. "I'd like to wring his blimmin' neck," Sue Hurring told New Zealand's TV3. "We've just come from the police station trying to sort out this stupid, stupid, bizarre situation," she said. "I just wasn't sure what to do about it. I think the more information that I can help with the police to get them home, is more important."
The abandoned BP service station
Ms Hurring said her daughter had tried to contact her. "She did ring me and I hung up on her because I knew what she'd done," Ms Hurring told TV3. But not everyone is urging the couple to return the money, with at least two Facebook group set up offering support. The groups, "Go Leo Gao - Go You Good Thing!" and "We Support Leo Gao and his 10Million Dollars - Run Leo Run", have about 75 members between them, but offer no clues to the group's whereabouts.
Meanwhile, the bank teller who put the decimal point in the wrong place on Mr Gao's temporary $100,000 overdraft is reported to be extremely distressed. The bank has issued written warnings to the bank clerk and her supervisor, understood to work in Christchurch.
When Mr Gao realised the mistake, he transferred $6.7million, of which $2.9million has been recovered. Westpac hired a private investigator to pursue the missing $3.8million before informing police.
The bank is using charging orders and property law notices to salvage what it can from Mr Gao's assets.
A Westpac spokesman said yesterday the bank was doing all it could to recover the funds, including receivership action in relation to Mr Gao's petrol station.
As well, the bank has instigated legal action to issue charging orders and property law notices over personal assets. "The process is that if Property Law Act notices are unremedied then the bank can proceed to the sale of those assets," the spokesman said.
Source: The Sydney Morning Herald
http://www.brisbanetimes.com.au/world/missing-decimal-point-now-a-familys-missing-with-millions-20090523-biva.html
Meanwhile, the bank teller who put the decimal point in the wrong place on Mr Gao's temporary $100,000 overdraft is reported to be extremely distressed. The bank has issued written warnings to the bank clerk and her supervisor, understood to work in Christchurch.
When Mr Gao realised the mistake, he transferred $6.7million, of which $2.9million has been recovered. Westpac hired a private investigator to pursue the missing $3.8million before informing police.
The bank is using charging orders and property law notices to salvage what it can from Mr Gao's assets.
A Westpac spokesman said yesterday the bank was doing all it could to recover the funds, including receivership action in relation to Mr Gao's petrol station.
As well, the bank has instigated legal action to issue charging orders and property law notices over personal assets. "The process is that if Property Law Act notices are unremedied then the bank can proceed to the sale of those assets," the spokesman said.
Source: The Sydney Morning Herald
http://www.brisbanetimes.com.au/world/missing-decimal-point-now-a-familys-missing-with-millions-20090523-biva.html
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