Security order on Tony Chan flat, car park

PUBLISHED : Saturday, 21 July, 2012, 12:00am
UPDATED : Saturday, 21 July, 2012, 12:00am


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Self-styled fung shui master Tony Chan Chun-chuen suffered yet another setback yesterday when the High Court ordered that two of his properties be put as security to repay outstanding legal fees.

The order stemmed from Chan's failure to repay in full a legal bill that is estimated to be at least HK$120 million related to his failed bid to claim the HK$50 billion estate of the late tycoon Nina Wang Kung Yu-sum.

Wang, the former Chinachem chairwoman once known as Asia's richest woman, died of cancer in 2007.

High Court Master Katina Levy Law Suet-mui granted the order against a home Chan owns at Finery Park, Tseung Kwan O, and a car park at Wealthy Heights, Macdonnell Road, Mid-Levels.

The estimated value of the Finery Park flat is HK$4.5 million.

The latest charging order brings to six the number of Chan's properties that have been put up as security.

Law made the order after she rejected Chan's application for an extra month to raise funds to make the payment.

His lawyer told the court that Chan was trying to get a bridging loan and was close to securing it.

Law said Chan did not file enough evidence to show that the loan would definitely be secured. The order would not prevent him from continuing the loan negotiations.

Meanwhile, Chan is fighting Chinachem Charitable Foundation's legal application to have him declared bankrupt for failing to pay HK$80 million in legal fees despite missing a deadline a month ago.

A Chinachem spokeswoman said they had issued an ultimatum for Chan to pay off the bill by August 6, or they would ask the court to declare him bankrupt.

If the court approves the bankruptcy petition, Chan's assets - which he claims are about HK$700 million - would be sold and the proceeds distributed among creditors.

Chan has been trying to raise funds to pay the bill, including by mortgaging or selling his luxury house in Bowen Road, Mid-Levels, which has an estimated value of HK$500 million.

On Tuesday, the Court of Appeal rejected his application to appeal to the top court over HK$330 million in unpaid taxes. Chan was seeking more time to challenge tax assessments.

The Court of Final Appeal ruled in April last year that a 2006 document - which Chan claimed was Wang's will leaving him her entire fortune - was a forgery.