Casino sues university trustee for HK$2.4m debt

A Macau casino has filed a legal bid to reclaim HK$2.4 million in gambling debts from a 'distinguished entrepreneur' serving on Chinese University's board of trustees.

According to a writ filed in the High Court yesterday, Richard Liu Shang-chien, a member of the university's New Asia College board of trustees, entered into a credit application agreement for HK$2 million in January this year with Venetian Macau, a casino operator. The agreement was upgraded to HK2.5 million in the same month, the writ claims.

The Venetian alleges that Liu, also an honorary fellow at the university, repaid only about HK$970,000.

From mid-February no further payment had been made towards the outstanding HK$2.4 million, the Venetian claims. The casino also is seeking an interest payment at an annual rate of 18 per cent of the sum, and legal costs.

Liu, who is chairman of Superior Leather, a private company with a registered address in Kowloon Bay, could not be contacted yesterday.

Chinese University's only response was to say that Liu had been supporting the development of the university and of New Asia College.