Shipping tycoon Frank Chao Sze-bang is facing a bankruptcy petition from a shipping company over an alleged US$6 million (HK$46.7 million) debt involving the sale of a vessel.
Bright Island Corporation yesterday took Mr Chao to the Court of First Instance for the order before Mrs Justice Doreen Le Pichon. Barrister Ambrose Ho, for Mr Chao, who did not appear in court, said one of the arguments was over the value of the vessel, which was allegedly sold at an undervalued price.
Mr Ho made an application to call for expert evidence.
The judge adjourned the case until June 22 for further directions to the parties.
Mr Chao is the third brother in the wealthy family to hit the headlines in the past month.
His flamboyant younger sibling, Cecil Chao Sze-tsung, 63, was called to testify during a high-profile lawsuit brought by his former live-in-lover, Terri Holladay.