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Last year, the B.C. Liberals told Postmedia that if allegations against Oei are proven, “we would return the funds — or forfeit to Elections B.C.”

On Wednesday, a party spokesman stated: “We will follow through on our commitment.”

The panel found that Oei used Canadian Manu and various numbered companies to divert 63 investments, totalling just over $5 million.

“The respondents misappropriated these funds and used them for their own purposes and not as the investors were told they would be used,” the panel stated.

The panel has directed parties in the Oei case to make submissions on potential sanctions.

The panel heard that Oei instilled confidence in the investors — many of whom did not speak English — by having them transfer funds into the legal trust of Peschisolido & Company.

The firm was directed by Richmond federal Liberal MP Joe Peschisolido at the time.

A statement from the panel on Wednesday said: “In most cases, investors paid their funds into an account with the respondents’ counsel, who dispersed the investor funds into six bank accounts of Canadian Manu and Oei.”

Some of the investors have sued Peschisolido. Peschisolido and his firm deny any wrongdoing.

One plaintiff, Yicheng Jiang, claimed his group of investors was induced by Oei to use illegal underground banking transactions in China to wire about $4 million into Peschisolido’s legal trust fund.

Jiang’s legal filings say part of Oei’s alleged scheme was promoting his government connections.