John Key

Man sought by China settles case in New Zealand for $31M

A former pharmaceutical executive who Chinese authorities accuse of embezzling money and fleeing to New Zealand has settled his case for $31 million, New Zealand police said Tuesday, in a deal that represents an unusual level of cooperation between the two countries.

William Yan settled without acknowledging any criminal or civil liability, the police said in a statement. Police had previously seized homes, luxury cars including a Porsche and a Maserati, and stocks from the 47-year-old Yan, his wife and two associates, the statement said.

Police said they would release those items once Yan and the others handed over 43 million New Zealand dollars ($31 million). Police said...