Remember Entatech? UK liquidators are still trying to seize founder Jason Tsai's assets

The crumbling multinational empire of the distie once known as Entatech has come under scrutiny in the High Court again as liquidators working on behalf of the UK's taxman try to seize the assets of founder Jason Tsai and his family. In an ongoing saga that first came to public attention when Tsai was jailed for contempt of …

[TimMaher]

Buzzfeed

Maybe Begbies Traynor should study the FinSEC leak.

They might find some source and destination transactions that fit the case.

[Phones Sheridan]

At 66 years old there is a good chance that Tsai may not out-live the liquidators attempts to retrieve his assets, and this may be his plan. That if he is screwed anyway, he may as well stay silent about where the figurative treasure is buried, take it to the grave, and his relatives live a life of luxury after he has passed away.

[TeeCee]

His assets don't die with him and they're still entitled to take it from his estate, if they can find it.

[Phones Sheridan]

I think after one prison sentence and now 3 years later, if they have not been able to find it since he transferred it offshore to his family in a tax haven, they never will as long as he remains silent.

[Doctor Syntax]

"There were non-fraudulent parts of this business,"

The curate's egg argument.

[Jellied Eel]

I don't get that "non-fraudulent" bit. Company was found to owe £15m or so in VAT due to fraud, so company is liable. So not sure why there might be good money as well as bad. Plus from a quick skim of the liquidator's report, seems like money may have been taken out of the company fraudulently, so claims against the directors responsible.

Report also shows how to take money out of the company legally, ie £6m-ish in liquidators and legal fees. Plus a £100/hr fee increase for partners working on this case. That's always struck me as a problem with our liquidation process, ie a company might be salvageable, if not for the fees charged.

[Snar]

I think there are much larger corporate fish to fry than this chap. But they have friends in high places whose palms they cross with silver and nice little holidays to keep sweet.

Always the little guys.

[Jonathon Green]

An interesting definition of “...the little guys...”.

[IGotOut]

Multi million pound fraud is small fry?

Wow, what exactly is your threashold?

[monty75]

Having seen the estate agent photos...

I'd lock them up just for their taste in carpets and other soft furnishings.

[Andy The Hat]

There a washing job opportunity ...

"£160m (over a one-off 16-month period) but pre-tax profits of just £86,000. "

With auditing successes like that on his c.v., surely he is entitled to a Non-executive not-responsible Finance director's job in charge of "The Laundry" at Amazon ... or is he still not good enough?