Macau (MNA) – Real estate mogul Isabel Chiang (鄭月娜) – the prime suspect in recently reported elaborate loan scam – has transferred shares of the company of Ana Chiang Group Ltd, which is co-owned by her and her nephew, before leaving the company, according to commercial registry documents seen by Macau News Agency (MNA).
The Judiciary Police (PJ) told MNA that as of today there are 51 complaints – 49 from Macau residents, one from a Hong Kong resident and another from a Mainland Chinese – have been filed against Ms. Chiang for the alleged loan scam, with the amount involved having increased to HK$227 million (US$28 million).
However, according to a report by All About Macau, an anonymous employee of Kou Fu Real Estate, for which Isabel Chiang is the Chief Executive Officer (CEO) said this amount might be the tip of the iceberg, with some investors supposedly putting in up to MOP2 billion.
There has also been an unreported amount of MOP96 million which was put in by Fujian business community head Chan Meng Kam, who did not register his complaint with the police but admitted to being a victim in a TDM Radio Chinese report.
According to the registry, Ana Chiang Group Ltd. was originally founded in November 19, 2009, as a company providing retail services and registered under the name Casa Ana Co. Ltd.
The shareholders of the original company is Isabel Chiang, who holds MOP20,000 and a company registered under her name, namely Isabel Chiang Pte. Ltd, which holds MOP5,000 in capital.
The subsidiary shuffle
Since its founding, Casa Ana Pte Ltd has seen several changes, being rebranded as Ana Chiang Group Ltd. on February 2, 2018, and the group’s business focus now changed to include real estate activities.
Ana Chiang Group Ltd is co-owned by Isabel Chiang and Cheang Ka Heng, her nephew, who had wanted to get involved in the development business.
On November 11 2018, a transfer of MOP20,000 of the shares from Ana Chiang Pte Ltd was made by Isabel Chiang to Ka Hang Holdings Ltd.
Ka Hang Holdings Ltd has Isabel Chiang as a shareholder (holding MOP20,000) and MOP5,000 being held by Isabel Chiang Pte Ltd.
After the transfer, Isabel Chiang officially stepped down as the owner of Ana Chiang Pte Ltd on November 26, 2018.
However, share transfers were made to other companies which were registered under Isabel Chiang Pte Ltd on November 26, 2018, namely Oli Retail Management Company Ltd; while MOP15,000 was transferred to Ka Hang Holdings Ltd on the same day.
The shareholding information of the company became divided into three companies, namely Oli Retail Management Company Ltd, which holds MOP5,000, Ka Hang Holdings Ltd, which holds MOP5,000 and Number 1 Company Ltd, which holds MOP15,000 of the shares of the company.
Isabel Chiang Pte Ltd, Ka Hang Holdings Ltd, Number 1 Company Pte Ltd and Oli Retail Management Ltd are all registered under Isabel Chiang’s address.
Renovating the old Macau center
Chiang is an active investor, having put around MOP100 million to develop the area around Rua dos Ervanario since 2015, buying shops in Rua da Nossa Senhora do Amparo and Patio de Chon Sou.
Two of her companies which were involved in the rejuvenation project, namely Number 81 Company Limited and Number 55 Company Limited have also been registered under Isabel Chiang’s address according to company records.
According to the All About Macau report, Isabel Chiang has left Macau as of December 10, 2018 for the Philippines.
All About Macau reports that a majority of employees had left Kou Fu Real Estate, with the number of employees, originally 90, is now dwindling.
A top management executive had also been dismissed on December 31, 2018, without compensation, according to the source.
MNA contacted the director of planning and development at Kou Fu and Project Manager at Number 81, Duarte Silverio, who stated he has already left his positions last year without providing a reason for his departure.
To newspaper Ponto Final, he had indicated that he had have left both companies as of October 2018.
MNA also attempted to contact Number 51 and Number 81, but without success as both companies appear to have changed their telephone numbers.
Her nephew also confirms reports that Chiang has left Macau.
[Updated to include the latest information by PJ on the number of complaints received on the second paragraph]