Asia

Chinese Court Seizes Bank Accounts of Boyaa Interactive

Published

5 years ago

September 4, 2019

Niji Narayan

Chinese Court Seizes Bank Accounts of Boyaa Interactive

Photo Source: payoneer.com

Reading Time: < 1 minute

A Chinese court has seized the bank accounts of Boyaa Interactive in the wake of its Chairman and CEO being sentenced to prison last September.

Zhang Wei was handed a 12-month jail term last year and resigned from Boyaa after the Municipal of Intermediate People’s Court found one of the company’s indirect subsidiaries, Boyaa Shenzhen, guilty of offering “bribes by entities.”

Boyaa revealed that a significant portion of the company’s idle cash reserves had been frozen due to Zhang’s prosecution for “alleged illegal activities conducted through one of the company’s onshore online gaming platforms.”

Boyaa said it had not been previously notified of the situation because the company itself was not implicated in the case. As such, “the risk that the Company, its directors and its senior management will be subject to any prosecution by the relevant PRC judicial authority in relation to the alleged crime is remote,” it said.

Related Topics:

Up Next

Affiliate compliance and working together

Don't Miss

All-In Diversity Project Launches its Second Annual Survey

Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.