Taiwan’s High Court has upheld a lower court ruling rejecting former Tak Chun Group boss Levo Chan’s claim against Taipei Fubon Bank over restrictions on a foreign-currency account holding about $6.6 million.
Taiwan’s United Daily News reported that the account contained $202,283 and HK$50 million ($6.4 million) as of April 2024.
Chan’s wife, Taiwanese actress Ady An, attempted to withdraw funds using his passbook and registered seal, but the bank refused the request. Chan subsequently sued the bank, seeking the payment of $64,546.
Taipei Fubon argued that Chan’s circumstances had changed substantially since the account was opened in June 2020, citing his criminal convictions in Macau and the bank’s anti-money laundering obligations.
The bank also said Chan, a non-Taiwan resident without valid residency documents, was unable to appear at a branch to complete the required procedures.
The High Court found that the account had received substantial Hong Kong dollar transfers from Bank of China accounts in 2020 and 2021. Some of the funds were converted into US dollars and used to purchase foreign bonds.
The court ruled that the bank had reasonable grounds to suspend transactions because the account activity was linked to conduct examined in Chan’s Macau money laundering case. The ruling remains subject to appeal.
Chan, the former chairman of Macau junket operator Tak Chun, was arrested in January 2022. Macau’s Court of Final Appeal upheld his 13-year prison sentence in November 2024 for criminal association, illegal gambling and aggravated money laundering.
