business

ECB blocked cash-for-visa broker from buying Slovenian bank

Assessors were concerned at ‘inconsistent and contradictory information’, and at buyer Kai Dai’s inability to explain the source of his net worth

Kai Dai: the founder of the Huawen Foundation has bought a number of hotels in Ireland

The European Central Bank (ECB) blocked one of Ireland’s biggest cash-for-visa brokers from buying a Slovenian bank, because of what it described as “material doubts on [his] integrity” and concerns over his inability to explain the source of his net worth.

Kai Dai is the founder of the Huawen Foundation, which has raised around €50 million in investments through Ireland’s immigrant investor programme (IIP) since 2014.

Dai has bought a number of hotels, including the ...