The financial pressure on Tsui Tsin-tong has intensified, with ING Bank issuing a writ claiming the businessman owes more than $107.1 million. It is the latest in a string of claims totalling about $186 million filed since December 10 against Mr Tsui and his New China Hong Kong Group, of which he is chairman. The Bank of China is claiming $31 million and International Bank of Asia this week filed a petition to have New China wound up. New China is also facing legal action from Dao Heng Bank as guarantor on an overdraft granted to New China Hong Kong Finance, while Mr Tsui is being sued by Irison Development over an alleged unpaid loan and interest amounting to $37 million. The ING Bank petition relates to an over-the-counter options deal with New China Hong Kong Capital (NCHKC) - a unit of the group - entered into in August 1996. Mr Tsui is being pursued as guarantor of NCHKC's liabilities. NCHKC sold put options on 200 million shares in Pearl Oriental to ING Baring Financial Products (ING BFP), a unit of the bank. The options entitled ING BFP to sell Pearl Oriental shares to NCHKC at $3.08 each at any time before September 4 last year, according to the writ. In March last year Pearl Oriental announced a two-for-one share split, which resulted in the terms of the option deal being changed to 400 million shares at a strike price of $1.54. Pearl Oriental shares subsequently plunged in value, standing at $1.21 on September 4, the date the options expired. Under the deal, ING BFP was entitled to sell 400 million shares to NCHKC at $1.54 and pocket the difference with the market price. By mid-June last year, ING BFP had realised NCHKC would be unable to buy 400 million shares at the strike price by September 4, the writ states. Both parties then agreed that NCHKC could sell shares in tranches on behalf of ING BFP at such prices as it could achieve in the market. By September 4, NCHKC had sold 16.45 million shares and paid the full strike price to ING BFP. On that date, ING BFP exercised all its remaining options but NCHKC failed to purchase the 383.54 million shares at the strike price, the writ states. As of November 28 last year, NCHKC had sold a further 217.96 million shares at much depressed prices, creating a shortfall of $82.44 million between the sale proceeds and the amount ING BFP would have obtained if the sales were transacted at the strike price. Both parties then agreed that ING BFP would sell the remaining 165.58 million shares to NCHKC for $66.23 million. They also entered into a debt-restructuring deed under which the amount owed by NCHKC to ING BFP was agreed to be $140.31 million. NCHKC would repay an initial $20 million, with the remainder in 12 instalments. NCHKC managed to repay the first few instalments but ceased to pay anything after July 2 this year. As at September 30, NCHKC still owed ING BFP $105.1 million. ING BFP asked NCHKC to resume repayment but in vain, according to the writ. It then filed a petition to the court to claim from Mr Tsui $107.1 million, being the overdue sum plus accrued interest, and in legal fees. Claims have continued to mount against New China and Mr Tsui despite the firm's insistence that its financial difficulties are behind it. Mr Tsui is believed to have been trying hard to ease the debt burden on himself and his business empire.