Ming Fung Group

PUBLISHED : Friday, 12 June, 1998, 12:00am
UPDATED : Friday, 12 June, 1998, 12:00am

The provisional liquidators of Ming Fung Group firms, KPMG Peat Marwick, estimate the companies suffer a $246 million shortfall.

The provisional liquidators' preliminary investigations show the collapsed group faces total investor claims of $328 million. Of these, $290 million represents claims to shares. The stock held by the group on behalf of investors was estimated to amount to just $44 million, leaving a $246 million shortfall.

The group also owes $20 million to banks which hold cash of about $25 million as well as other security.

The provisional liquidators are investigating the reasons for the group's collapse, and are seeking purchasers to take over part or all of the firms' businesses.