Businessman who is facing theft charges could incriminate himself, rules judge
A former magazine publisher, restaurateur and online auctioneer escaped a jail term yesterday for refusing to divulge the whereabouts of US$2.9 million (HK$22.62 million) he allegedly pilfered after a judge ruled that by doing so he could incriminate himself on further charges.
Alois Paier, 35, is already in custody and facing six charges of theft following his arrest on January 29 by the Commercial Crime Bureau.
Yesterday the victim of his alleged theft, Paul John Pheby, asked Mr Justice Arjan Sakhrani in the Court of First Instance to jail Paier for contempt after he refused to comply with an earlier court order that he account for the missing millions.
The court had heard that Paier - the former cat-street.com chief executive, publisher of Rolling Pin Asia magazine and owner of La Rose Noire restaurant - allegedly persuaded Mr Pheby to invest in a joint venture based in Austria on the false premise that it was a state-sponsored investment scheme that would guarantee loans.
Mr Pheby then deposited US$2.9 million into the joint account on the promise that the money could not be touched without both men's signatures.