An American couple is trying to receive back US$11 million that was given to Mr David Rasif to buy a District 10 bungalow in Singapore.
In June 2006, soon after Mr Rasif disappeared with more than $11 million of his clients’ money, the couple took out an injunction against a jewellery company, Jewels DeFred, and its director, Mr Ho Chi Kwong. The injunction froze the company’s assets which were worth up to $2million. This amount was allegedly paid by Mr Rasif by telegraphic transfers and cheques to buy diamonds and jewellery from several companies, including Jewels DeFred. However, Jewels DeFred contested the injunction and the High Court set it aside in July.
Also, in that period the couple also obtained an interim injunction in the Hong Kong High Court to freeze HK$20million (US$4million) deposited in a bank by Ingenious Ideas International – a company incorporated by Mr Rasif in the British Virgin Islands. The reason for this was information that in May the BVI company has deposited HK$20 million in the Hong Kong bank. Now the company cannot be found on the list of registered companies.
The couple also took an order to freeze assets belonging to six other defendants and totalling about $14 million. If it is proved that Mr Rasif transferred money to the six defendants, the couple can apply to the court to determine how the money can be recovered from the defendants.