Grant Thornton's Gabriel Azedo Arrested in Spain

Gabriel Ricardo Dias-Azedo, the former managing partner of accountancy firm Grant Thornton Hong Kong, has been arrested in Spain after disappearing in September last year—bringing with him more than HK$91 million he allegedly stole from friends and business partners.


Citing a person with knowledge of the arrest, the South China Morning Post reports that the fugitive accountant had been detained under a red notice issued in October by Hong Kong through Interpol.


"There is no bilateral agreement between Hong Kong and Spain but a transfer under multilateral treaties the two jurisdictions are signatories to, or under provisions in Spanish domestic law, are two areas that can be looked at," the person told the Post.


Several lawsuits have been filed since Azedo vanished, not only against him, but also against Grant Thornton Hong Kong, says the Post. The accountancy firm's Hong Kong practice will cease operations by year-end. The mid-sized accounting firm's partners and staff will be absorbed by another accounting company, BDO.