Chinese billionaire developer jailed in NY without bail

Ng Lap Seng accused of lying about $4.5M he flew into US

TRD New York /
Sep.September 24, 2015 06:05 PM

Chinese billionaire and real estate mogul Ng Lap Seng is being held in federal custody in New York City without bail, with authorities accusing him of lying about plans for $4.5 million in cash that he recently flew into the U.S. aboard private jets.

Incarcerated since Saturday, Seng failed to convince a magistrate judge Monday that he would return to court if released from custody. Seng’s lawyer claims his client’s arrest resulted from a misunderstanding.

A prominent real estate developer based on the island and gambling destination of Macau, Seng was at the center of a Democratic campaign fundraising scandal two decades ago, according to the Associated Press.

In 1998, a Senate committee reported that he sent over $1.1 million to a one-time Little Rock, Arkansas restaurant owner, who in turn forward hundreds of thousands of dollars to the Democratic National Committee.

Seng also visited the White House 10 times between 1994 and 1996, during the Clinton administration. [AP]Rey Mashayekhi

Related Articles


Good Morning, Vietnam: Country is becoming a large EB-5 participant

Euro Properties sells stake in stalled 59th Street condo project

China Evergrande turns to high-interest bonds to refi massive existing debt

China is fueling a property boom in this Southeast Asian country

Chinese developers are seeing soaring profits. But there’s another metric investors should watch

HK’s tax on unsold property makes a “sitting duck” out of luxury developers

Foreign dollars continue to pour into US commercial market: report

EB-5 investment firm fires back at former business partner over profits spat