The hospitality venue known as Century Park has fallen into receivership and is being managed by a tax advisory firm amidst the escalating fiscal challenges faced by its proprietor, Chinese national Billy Cheung. As per an authoritative declaration, Century Park now operates under the jurisdictional oversight and operational command of PricewaterhouseCoopers Rwanda Limited (PwC). This multinational corporation specializes in delivering comprehensive assurance, consulting, and taxation solutions.
Receivership denotes a judicial procedure wherein an individual designated as a receiver assumes charge over the debtor entity’s property, often at the instigation of either a lender or through judicial decree when said enterprise fails to honor contractual monetary responsibilities like loan repayments. Such measures have become necessary following the repossession of Century Park by BPR Bank and subsequent handover to PwC owing to unresolved mortgage disputes involving Mr. Cheung.
Located within the upscale neighborhood of Nyarutarama in Kigali, this exclusive residential complex comprises opulent residences alongside recreational facilities. However, these ambitions face significant hurdles due to ongoing litigation surrounding allegations that implicate Mr. Cheung in fraudulent activities amounting to approximately $51.6 million in unpaid liabilities. These claims encompass non-payment towards loans owed specifically to BPR Bank along with potential criminal infractions linked to unauthorized alterations made to asset liens registered with BPR Bank Rwanda.
In response to these developments, PwC issued a public notification emphasizing their authority to oversee all aspects related to managing Century Park’s resources exclusively. Any actions taken outside formal authorization granted directly via communication channels established by the appointed receiver may constitute unlawful behavior subject to punitive consequences. Meanwhile, operations at Century Park Hotel & Residences Ltd shall persist albeit guided strictly according to guidelines set forth post-receiver appointment announcement seeking collaboration among relevant parties involved herein throughout duration required until resolution achieved.
Mr. Cheung encountered arrest backdated January fourth followed shortly thereafter receipt of detention order passed down initially reviewed then ratified subsequently mid-April respectively concerning suspected involvement illegal transactions including illicit capital movements coupled misappropriation funds amongst others pending thorough investigation underway presently spanning across jurisdictions namely both nations mentioned previously; however specifics pertaining exact nature offenses alleged remain largely undisclosed publicly up till date reflecting prevailing ambiguity clouding current situation overall.
Provided by SyndiGate Media Inc.
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