A Toronto businessman who has described himself as the Chinese Warren Buffett says he is overseas on legitimate business and will return to Canada to face criminal charges.
Weizhen Tang, 51, spoke to BNN from mainland China on Thursday morning and answered questions about the fraud allegations regarding his business and why he recently travelled overseas.
"I told everybody, you know, all my investors and the public, all the Chinese community knows here I'm in Asia," Tang told BNN's Marty Cej during a telephone interview.
The well-known member of Toronto's Chinese community said he is in Asia "to trade, to make money for my investors."
Tang is facing a Canada-wide warrant that Toronto police say relates to an alleged $30 million Ponzi scheme that defrauded more than 100 victims from China, Canada and the United States.
Toronto police spokesperson Const. Wendy Drummond told CTV News Channel it is "foreseeable" that other alleged victims may come forward.
"We are aware that people haven't come forward to report it because they've got a lot of money at risk and they still believe there is a possibility of getting that money back," Drummond said during an interview on Thursday morning.
Tang is also facing separate allegations of securities fraud from the Ontario Securities Commission, which barred him from trading in securities 10 months ago. Tang is also accused of unregistered trading in securities and illegal distribution of securities.
A provincial court trial in that matter is due to begin April 19.
None of the charges have been proven in court in either matter.
Tang said the trading he is currently undertaking in China involves Asian clients.
"I have investors who are not Canadian citizens, they are Chinese citizens. They have companies in Hong Kong, I am trading for them."
Tang said he was initially planning to return to Canada on Dec. 29, so that he could turn himself into police. He then asked police for a "postponement," but was not told by detectives that he "cannot stay longer" in China.
Tang's lawyer, Loftus Cuddy, previously said his client "has maintained his innocence throughout" and "intends to mount a defence."
Yesterday, Cuddy disputed that Tang fled Canada and said that while his client has suffered losses, whether or not they were "the result of fraud is very much an issue."
Cuddy could not immediately be reached by CTV.ca for comment on his client's case on Thursday morning.
Tang said his lawyer is speaking to police and he will return to Canada when they come to an agreement.
"I don't want to hide here, I don't want to wait. This is ridiculous that I would do that," Tang said.
Drummond said Interpol has been notified about the warrant for Tang and "information on Mr. Tang's whereabouts will be tracked through that intelligence."
In his home city, Tang is a well-known figure making it possible that he will turn himself into police.
"It's not something that people aren't going to know him or recognize him, it's going to be a matter of when he turns himself into police or we locate him first," said Drummond.
Tang has moved to Canada in the 1990s and lives in Toronto with his wife and children.
With files from The Canadian Press
