Pop star turned actor Kenny Bee has been hit with an $11 million writ for failure to repay a loan.
The writ, filed by the China and South Sea Bank Limited, a mainland bank, claims Bee and his wife, Teresa, signed deeds of guarantee in November 1994 and March 1995 that are now overdue.
The first deed was not to exceed the amount of $9.03 million and the second was not to exceed $2 million. The couple were acting as guarantors for 'due payment' for a company called Culture Star Limited.
'In spite of repeated demands made by the China and South Sea Bank to Kenny Bee and Teresa Bee and two separate letters both dated January 5, 1995, the defendants have failed to settle the amount due,' the writ says.
The writ claims that 'of June, 6, 1996' Culture Star Limited 'was and still is indebted' to the bank for $9,642,619.02, 'together with interest on the sums of $8,881.15 at the rate of 18.5 per cent per annum; $2,580,000 at the rate of 13.25 per cent; $6,450,000 at the rate of 12 per cent per annum'.
In addition to those debts and interest owing, the bank, which is located in Hong Kong, has filed for costs.
