China Medical


China Medical is a Cayman Islands holding company with subsidiaries in BVI, Hong Kong and the PRC.

KRyS Global was jointly appointed liquidator of China Medical with a firm, which had a presence in Hong Kong, Singapore and PRC. The co-liquidators’ mandate was to gain control of the entire group of companies in order to investigate widespread allegations of fraud in multiple jurisdictions, involving more than US$600 million of investors’ funds. Gaining access to books and records, particularly in PRC, proved extremely difficult.


The two firms identified the priorities and allocated tasks and roles consistent with each other’s strengths. Working together, the co-liquidators were able to develop a successful strategy to gain access to records, seize control of multiple entities in five jurisdictions, and co-ordinate investigations.

Part of the strategy developed included seeking Chapter 15 recognition of the liquidation in New York and a parallel liquidation of the company in Hong Kong. These ancillary proceedings enabled retrieval of vast volumes of documents and information by way of obtaining court orders against third parties compelling the provision of documents and information.

Value Added:

KRyS Global was able to utilise its extensive global network and draw on the necessary local knowledge and expertise required to obtain the documents and information it needed to investigate the potential fraud.