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Last Updated: Thursday, 20 September 2007, 11:55 GMT 12:55 UK
High Court freezes 2.75m assets
Nicky Cheung
Nicky Cheung has had 2.75m of assets frozen
A NI businessman has had assets put at more than 2.75m frozen.

Belfast High Court was told the assets were the proceeds of trafficking controlled drugs, multiple fraud offences and tax evasion.

Assets Recovery Agency lawyers made the allegations against Wai Keung (Nicky) Cheung, of Moira Road, Lisburn.

Money from the sale of nine properties has been frozen, along with a Porsche Cayman 9 Coupe and a BMW X3, while further investigations continue.

The contents of 40 bank and credit card accounts were also frozen.

Mr Cheung will be given the opportunity to defend himself against the allegations.

Charlie Dickin of the Assets Recovery Agency said the case had been referred to them by the police.

"The evidence that we have established to date has allowed us to present to the High Court a good arguable case that the assets identified are derived from the proceeds of crime.

"At our request the court has now appointed an interim receiver who will preserve the assets, carry on the investigation, and prepare an independent report which we will use to take the case forward in the most appropriate way."


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