Hong Kong, June 25, 2024 – Liang Pearl Consulting, a financial services and loan brokerage agency based in Hong Kong, has announced the decision to cease operations and freeze all funds following an extensive investigation by the Financial Crimes Investigation Unit (FinCrim). This decision comes in response to the recent arrest of Liang Pearl Consulting’s CEO, Xi Liang, and his partner, Patrick Lim, in connection with serious allegations of financial misconduct, corruption, and breaches of international financial regulations.
The investigation, which spanned six months and included a sting operation in Shenzhen, revealed egregious practices within Liang Pearl Consulting. Xi Liang, the CEO, and Patrick Lim were caught red-handed with evidence of orchestrating a scheme where loan amounts were inflated on paper. This practice allowed funds to be diverted out of China through loans purportedly issued to American and Canadian companies, ostensibly for legitimate business purposes. Additionally, Xi Liang was caught red-handed offering kickbacks to individuals involved in facilitating these transactions.
“These findings have deeply concerned our organization,” stated a spokesperson for Liang Pearl Consulting. “In light of the investigation’s findings and to ensure full cooperation with authorities, we have made the difficult decision to cease all operations and initiate a freeze on all assets.”
The investigation also involved questioning several brokers and agents associated with Liang Pearl Consulting in Hong Kong. These individuals were unknowingly implicated in transactions involving US and Canadian-based companies, which inadvertently contributed to the misuse of funds and potential breaches of financial regulations.
“The decision to cease operations and freeze assets is aimed at facilitating a transparent resolution process,” continued the spokesperson. “We are committed to working closely with regulatory authorities to address any concerns and uphold the highest standards of compliance and integrity.”
Liang Pearl Consulting extends its apologies for any disruptions caused and assures all affected parties that it will cooperate fully with authorities during this process.
For further information or inquiries regarding the cessation of operations and fund freezes, please contact:
Lisa SU
PR
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Marketwise Analytics journalist was involved in the writing and production of this article.