Li Peng Chi currently faces five charges, including alleged money laundering, illegal gambling activities, operating without a trading licence, and immigration-related offences.<\/p>\n\n\n\n
However, in a bail application before the High Court in Eswatini, Li Peng Chi rejected claims that he participated in unlawful gambling transactions or moved illicit funds through the financial system. He argued that prosecutors had not established key elements typically associated with money laundering investigations, including the placement, layering and reintegration of criminal proceeds.<\/p>\n\n\n\n
According to his defence, the state failed to show that any funds under investigation originated from unlawful activity or that he intended to conceal the source of money allegedly linked to the case.<\/p>\n\n\n\n
Li Peng Chi also denied involvement in operating illegal gambling platforms, maintaining that investigators had not disclosed evidence connecting him directly or indirectly to the alleged offences. His legal team argued that investigations remain incomplete, with confiscated laptops and mobile devices still undergoing forensic examination and translation.<\/p>\n\n\n\n
He further challenged immigration-related allegations, stating that he held a valid permit and could not be considered unlawfully present in Eswatini unless a court determined, after hearing evidence, that the permit had been fraudulently obtained.<\/p>\n\n\n\n
The defence additionally argued that Li Peng Chi was neither a shareholder nor a director of X Win (Pty) Ltd and therefore could not be held responsible for allegations involving the employment of foreign nationals without permits.<\/p>\n\n\n\n
However, prosecutors opposed his release from custody, describing him as the alleged ringleader of X Win\u2019s operations. The Crown also noted that he poses a flight risk because he is a foreign national with financial resources and limited ties to Eswatini. Prosecutors also told the court that Eswatini has no extradition treaty with China, which could complicate efforts to secure his return should he leave the country.<\/p>\n\n\n\n
The state further alleged that witnesses connected to the case could be vulnerable to interference because several are reportedly employees linked to X Win. Prosecutors argued that releasing him could affect ongoing investigations and compromise evidence.<\/p>\n\n\n\n
The matter is scheduled for trial on May 29, although the defence argued that the case is not yet trial-ready due to the number of accused persons, language interpretation requirements and ongoing investigations.<\/p>\n\n\n\n
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