By Lauraann Wood (February 17, 2022, 8:57 PM EST) — A special master tasked with investigating the status of a loan secured to help fund Chinese investors’ $50 million fraud settlement with a Chicago real estate project owner told an Illinois federal judge Wednesday that the purported loan probably never existed.
The special master told U.S. District Judge Charles Kocoras that his initial investigation of Symmetry Tower/Chicago Project Owner LLC’s alleged loan from Bahraini company Awalco Investment Co. WLL leads him to believe “there never was any real loan” between the parties. He also said documents Symmetry received purportedly outlining loan tax obligations to the United Arab Emirates were forgeries and…
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