Carson Yeung to appeal order to vacate home
Troubled tycoon Carson Yeung Ka-shing has decided to appeal against a court order to surrender his house at The Peak after failing to repay a HK$50 million mortgage loan.
Lawyers for Yeung (pictured), owner of the Birmingham City soccer club, told the High Court yesterday of their client's decision.
Yeung was ordered to leave the house in 56 days from June 4, when High Court Master Brian De Souza granted Wing Hang Bank's vacant-possession order.
Meanwhile, Yeung's mother yesterday applied to participate in the lawsuit to avoid being removed from the house at Barker Road, The Peak, where she has been living with Yeung's wife and children.
Her lawyers said she was unaware of the proceedings because she was not sent the court documents.
The bank took legal action after Yeung's cheques to repay the loan he had taken out in 2010 bounced in May last year. The tycoon had secured the mortgage against his Peak home.
Records show Yeung bought the 5,946 sq ft house for HK$146 million in 2005.
Three hours are reserved for the appeal hearing and the mother's application. No date has yet been fixed.
De Souza rejected Yeung's defence that he was unable to repay the mortgage because his assets had been frozen, while he awaited trial in November for money laundering.
Yeung was arrested at his home in May last year by the narcotics bureau's financial investigations unit.
He allegedly used four Wing Lung Bank accounts and a HSBC account to launder more than HK$721 million between January 2001 and December 2007.
Yeung has been released on bail of HK$4 million in cash with a surety of HK$3 million.