Socialite vows not to follow former beaus into bankruptcy

Socialite Teresa Cheung Siu-wai yesterday revealed the depth of her financial problems but insisted she had no plans to follow the former men in her life into bankruptcy.

Ms Cheung's finances have come under the spotlight after both her ex-boyfriend, businessman Edmund Chan, and ex-husband, actor and singer Kenny Bee, filed for bankruptcy this month. In an interview with the South China Morning Post, Ms Cheung said: 'I do not have to think about it [bankruptcy] since my lawsuit with [money lender] Yu Tai Hing Company is still ongoing. However, I haven't got a clue how to repay the $250 million debt.'

The society beauty said her creditor asked for repayments of $600,000 a month. Her suggestion of an 'affordable' $20,000 a month was rejected.

Ms Cheung described the bankruptcy applications filed by Bee and Mr Chan as 'an unhappy situation'. However, she insisted she was not to blame for Mr Chan's hardship, as has been claimed in some reports.

Commenting on Bee, Ms Cheung said: 'He is still the father of my children. Other than that, he has nothing to do with me.'

She said her boutique in Central was running 'quite okay' with the support of long-term customers. 'Although we are not making a profit, we are surviving,' she said.

'It is a long and winding road I am walking. I have no choice for the time being. Pressure exists, but I think I am doing okay.