Liquidators involved in the ongoing bankruptcy proceedings of Pacific Andes companies in the United States allege the company's founding Ng family conducted a wide-scale, multi-year fraud scheme that funneled potentially billions of dollars back to Pacific Andes.
"Over a period of years leading up to the commencement of these chapter 11 cases, members of the Ng family perpetrated a multi-billion-dollar trade finance fraud predicated on what is understood to be the fictitious trading of fish through various Group companies and agent companies purportedly acting on behalf of Russian fishing suppliers," said a filing to the US Bankruptcy Court for the Southern District of New York on April 29 submitted by FTI Consulting, the liquidators in the bankruptcy proceedings.
