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Newcastle Herald
Newcastle Herald
National

Ex-Hightrade boss guilty of massive bank fraud linked to Lovedale resort plan

Li Zhang was representing himself in court contesting tax fraud charges. Picture by Dean Lewins

The former boss of Chinese construction company Hightrade has had his bail revoked after being found guilty over his role in a multimillion dollar tax fraud.

Li Zhang was found guilty of two charges on Monday after a lengthy jury trial in which he represented himself at Sydney's Downing Centre District Court.

The 60-year-old was accused of conspiring to cause loss to the Commonwealth through the plot.

During the trial, court documents showed that St George Bank lent almost $30 million to Zhang's companies for Resort Hunter Valley at Lovedale in 2004.

Acting Judge Anthony Blackmore repeatedly criticised Zhang for the way he handled the case without a lawyer.

After being given guidance about how to examine witnesses and what he was able to say during final submissions to the jury, the Hightrade boss acknowledged the judge's advice and said he was improving.

Zhang will now face a sentence hearing on December 14 after a report about his physical and mental condition is supplied to the court.

He will be required to attend court in person at that date.

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