Wing Hang Bank

Wing Hang Bank gets approval to evict Carson Yeung from The Peak

PUBLISHED : Friday, 01 February, 2013, 12:00am
UPDATED : Friday, 01 February, 2013, 4:09am


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A Hong Kong bank can now evict troubled businessman Carson Yeung Ka-sing - plus his mother, lover and two children - from their house on The Peak over a defaulted mortgage, the High Court ruled yesterday.

The court also ordered Yeung's live-in girlfriend Wang Lifei and his mother Yung Sau-mui to pay HK$200,000 in legal costs to Wing Hang Bank, after it rejected the two women's application to take part in the case.

In June, the bank won a possession order for the house at 31 Barker Road, which belongs to a company owned by Yeung - owner of English football club Birmingham City.

The suit arose from a HK$50 million mortgage for the house that Yeung took out on behalf of his company in 2010. The bank sued Yeung, the guarantor, after he failed to repay the loan.

Yesterday, Wing Hang condemned Wang and Yung's application as an attempt to delay the case.

High Court Registrar Lung Kim-wan dismissed Yeung's claim that the company was holding the house for him on trust. Since Yeung's claim could not be established, his lover and mother could not assert interests in the property, Lung ruled.

Unless Yeung appeals, Wing Hang can now move to enforce the vacant-possession judgment issued in June and sell the house to recover the outstanding loan.

Records show the businessman bought the 5,946 sq ft house for HK$146 million in 2005.

He is due in April to stand trial for allegedly laundering HK$700 million. He is freed on bail and barred from leaving the city. All his assets are frozen by a court-ordered injunction.

Yeung had earlier claimed he was unable to repay the mortgage on his Peak house because his assets had been frozen.