A Rwandan court has denied bail to Chinese businessman Billy Cheung, also known as Cheung Yiu Tung, ordering him to remain in detention for 30 days as prosecutors build and substantiate their case against him. Billy Cheung faces various charges as money laundering, embezzlement, misappropriation of funds, self-enrichment, and breach of trust in one of the region’s biggest financial scandals.
He was arrested on February 4, 2025, upon arrival from Dubai and is accused of orchestrating fraudulent business dealings that span both Rwanda and Uganda, involving debts totaling US$51.6 million and Rwf 63,333,422. His assets—including Century Park Hotel Kigali, Billy Bistro, villas, and land in Nyarutarama—have been placed on auction to recover US$7,075,050 owed to creditors, including Ugandan businessman John Fred Freeman Kiyimba and The New Park Lock-Up Owners’ Association Limited.
Bail Denied Over Flight Risk
Billy Cheung’s defence team led by Fountain Advocates and Faustin Murangwa, argued that the case against him was a civil debt dispute rather than a criminal matter. They claimed that Ugandan court rulings were based on manipulated documents and that the money laundering allegations lacked legal merit.
However, prosecutors insisted that Billy Cheung posed a significant flight risk, given the scale of the fraud allegations and his history of evading creditors numerously. They also highlighted property registration irregularities at the Land Center, suggesting a pattern of fraudulent dealings. The Judge agreed with the prosecution, ruling that Billy Cheung must remain in custody while investigations continue. His legal team now has five days in which to appeal the bail decision.
A Regional Financial Scandal
Authorities allege that Billy Cheung defrauded more than 200 businesspeople in Uganda, securing US$23 million for a modern market project he never completed before fleeing to Rwanda. Additionally, KCB Bank Rwanda is pursuing US$44.6 million and Rwf 63,333,422 in claims against him.
The auction of Billy Cheung’s properties overseen by Professional Court Bailiff Me. Gategeko Aimable was scheduled in three rounds between December 2024 and January 2025, with properties valued between Rwf 248 million and Rwf 4.9 billion. However, his total assets are estimated to be less than US$25 million, leaving a US$26 million shortfall in his debts.
What’s Next?
With Billy Cheung remanded in prison, prosecutors will now proceed with formal charges. Meanwhile, his creditors and legal opponents continue to battle for control over his assets, making this one of the most high-profile financial crime cases in the region.
The Judge ruled that Billy Cheung has a case to answer regarding fraud, money laundering, breach of trust, embezzlement, and misappropriation of funds, justifying his continued detention.
