Woman who allegedly committed €600,000 fraud seeking variation of freezing order

High Court Reporter

A woman who allegedly carried out a €600,000 fraud on her employer is to seek High Court permission to vary a freezing order on her assets if agreement cannot be reached about allowing a variation relating to living expenses.

Mark Cullen, who owns Dublin-based Beacon Pharmaceutical Ltd, obtained a freezing order last month against Fan Yang, of the Cubes 8, Beacon South Quarter, Sandyford, Dublin, claiming she allegedly stole more than €600,000 from the business over a number of years.

It is alleged she did so primarily by making unauthorised transfers from the company's account to her own account and to an account of a company called Chin-Mara Trading Co Ltd, which she had set up with her partner Wenpin Weng.

Last month, David Geoghegan, for Cullen, was granted an order freezing Yang's and Chin-Mara's assets below some €513,000 after some €74,000 had already been paid back.

The court heard Yang was the firm’s full-time administrator, but she asked to be made redundant in 2019 and, from then on offered her services to the company free and later provided them on an ad hoc basis.

It is claimed her fraudulent activities continued over the years despite misgivings by Cullen who said he was mainly on the road dealing with clients.

In April 2025, he learned that payments had not been made to Revenue and the company's bank account was frozen by Revenue in June 2025.

The account was ultimately unfrozen following contact with Revenue and a payment plan for the arrears.

In early 2026, Cullen said he confronted her in WhatsApp messages about the stealing and while she initially denied acting incorrectly, she also said she would "pay me back".

On February 6th last, they met face to face and she agreed to and later did transfer €74,000 from her frozen Bank of Ireland account to his company.

It is claimed she owns her Beacon apartment, which is worth between €450,000 and €480,000, and it is unencumbered.

There was a concern that attempts may be made to dispose of it for cash to a third party outside the jurisdiction, which would deprive the company of any recourse to it.

Cullen, who is 63, said this was at a time in his life when he would, within the next couple of years, be preparing for retirement.

But, he said, this has "caused utter personal and financial devastation to my family and me.

When the case returned to court on Thursday, Geoghegan said the defendants wished to bring an application to vary the freezing order unless an agreement can be reached about it.

Neal Flynn, for the defendants, said his client cannot pay day-to-day living expenses since the freezing order was imposed.

His side may ask the Cullen side to allow them to use certain amounts as their assets exceed the value of the injunction, he said.

Judge Brian Cregan gave directions for the filing of papers for any variation application and adjourned it to next week.