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Criminal charges, writs ... now Hui faces bankruptcy

PUBLISHED : Wednesday, 25 September, 2013, 12:00am
UPDATED : Wednesday, 25 September, 2013, 2:11pm
 

The Bank of East Asia has filed a petition with the High Court to bankrupt the embattled former chief secretary Rafael Hui Si-yan.

Writs demanding payment on millions of dollars worth of loans have been piling up against Hui, who is embroiled in the most high-profile corruption case in Hong Kong's history with Sun Hung Kai Properties co-chairmen Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen.

The Bank of East Asia had already issued a writ against Hui, 65, back in April asking for payment of all money due under two overdraft facilities and two credit cards the bank provided to him under a cardholder agreement.

The bank also wanted him to pay interest and costs related to a breach of the terms of the facilities and the agreement. The writ did not disclose the amount of money involved.

Hui is facing at least three more lawsuits from three other creditors involving a total of more than HK$14 million.

Standard Chartered Bank issued a writ against Hui for HK$1.19 million plus interest after Hui drew loans on four credit cards and took out a personal overdraft.

Chong Hing Bank last month launched a suit claiming more than HK$9.8 million that was outstanding on a loan to Hui.

Honour Finance also filed two writs to the High Court on August 13 this year to retrieve about HK$3.16 million from a 2004 loan.

Honour Finance is owned by Sun Hung Kai Properties.

In the writs, Honour Finance claimed Hui had stood as guarantor of the loan taken by Top Faith Enterprises, which was owned and controlled by Hui.

In March, Hui, the Kwok brothers and two others pleaded not guilty to multiple charges filed by the Independent Commission Against Corruption.

The allegations against Hui include misconduct in public office. This charge alleges that when he was chief secretary, from June 2005 to June 2007, he failed to declare or disclose provisions and annual extensions of a HK$3 million unsecured loan from Honour Finance - the claimant in the civil suit.

The criminal trial is due to be heard next May.

 

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