€4.3m assets of 'drug trafficker' frozen

An alleged drug trafficker’s property empire and luxury cars worth nearly £3m (€4.3m) have been frozen by crimefighters in Belfast, it was revealed tonight.

The Assets Recovery Agency (ARA) was granted an Interim Receiving Order at the city’s High Court after claiming Wai Keung “Nicky” Cheung amassed the portfolio through narcotics, fraud and tax evasions.

Bank and credit card account have also now come under the control of the authorities.

In its application ARA produced evidence that Cheung, of Moira Road, Lisburn, Co Antrim, has a criminal record which includes two convictions for drug trafficking offences.

They also alleged in court that he was involved in multiple fraud/tax evasion offences as he acquired homes and apartments across Belfast and north Down.

It was the third successful action mounted by the Agency in Northern Ireland in a fortnight.

ARA deputy director operations, Charlie Dickin, said: “This is another case that was referred to ARA by PSNI (Police Service of Northern Ireland) and our investigators have carried out a detailed examination of the affairs of Mr Cheung.

“The evidence that we have established to date has allowed us to present to the High court a good arguable case that the assets identified are derived from the proceeds of crime.

“At our request the court has now appointed an Interim Receiver who will preserve the assets, carry on the investigation, and prepare an independent report which we will use to take the case forward in the most appropriate way.

“The Interim Receiver will also examine and monitor Cheung’s ongoing business interests. At this point we believe that the total value of the frozen assets is approximately £2.75 million.”

The move involves the proceeds from the sale of a number of apartments, including a penthouse at Margarita Plaza, Adelaide Street, Belfast.

Other properties at Meadowbank Avenue, Donaghadee; Oaklands, Hillsborough; Chestnut Hill Road, Moira; Laganvale Mews, Moira; Skyline Drive, Lisburn; Ridgeway Street and Brookvale Rise, Lisburn; a property at Brookvale Rise, Lisburn; and St John’s Wharf, Belfast were also on the hitlist.

The contents of 40 bank and credit card accounts; a Porsche Cayman 9 Coupe and BMW X3 have come under the receiver’s control as well.

The latest success earned praise from Paul Goggins, chairman of the Organised Crime Task Force (OCTF) in Northern Ireland.

He said: “Taking this money out of the control of criminals or those suspected of criminal activity means it can no longer be used to sponsor further criminality or to fund their lavish lifestyles.

“We are sending out a clear message to organised criminals that we are determined to take back any money or assets that are gained through drug dealing or any other criminal activity.”