A former pharmaceutical executive who Chinese authorities accuse of embezzling money and fleeing to New Zealand has settled his case for more than $30 million.

New Zealand police said Tuesday that they had previously seized homes, luxury cars including a Porsche and a Maserati, and stocks from William Yan, his wife and two associates. Police said the settlement came without Yan admitting any criminal or civil liability.

The case highlights an unusual level of cooperation between Chinese and New Zealand authorities. Critics say it raises questions about how much New Zealand is acquiescing to China's wishes.

China last year issued a list of its 100 most-wanted economic fugitives, who it accuses of absconding overseas with ill-gotten gains. Under the name Yan Yongming, Yan made the list at No. 5.