(Pictured above, Dan Liu (left) and Nick Dou)
Investigation into the lawsuit filed in the 15th Judicial Circuit by Nick Dou against Dan Liu and three Chinese corporations over properties held collectively by Founders Group International continues to bring new revelations to the surface.
According to a source familiar with the lawsuit, Dan Liu was served locally with the lawsuit in recent days.
Liu’s peer to peer lending company, which did business in the Peoples Republic of China (PRC) under both its Mandarin name “Yiqian Funding” and its English name “Easy Richness”, raised the money that was used to buy golf courses and other property in Horry and Georgetown counties.
According to records in Horry County, Liu and Dou established approximately 16 limited liability corporations to hold the various properties purchased in Horry and Georgetown counties. Collectively, the llc’s are known locally as Founders Group International.
According to court documents, Dou holds 10 percent interest in Founders Group International and the associated llc’s. The three Chinese corporations, for which Liu acts as exclusive U.S. agent, hold the remaining 90 percent of the llc’s.
According to sources familiar with Yiqian Funding, the company raised a total of approximately 10 billion Yuan ($1.5 billion) from approximately 60,000 investors over a six year period. Estimates are that at least $300 million was taken out of the PRC for investment in the U.S.
Sources with knowledge of Yiqian said what was purchased was not really important to Liu. His main goal was getting the money beyond the borders of the PRC.
For that purpose, Liu established the three Chinese corporations, apparently nothing more than shell corporations, to receive the investor money from Yiqian Funding to use for purchases in the U.S.