Rafael Hui paying back debt in batches, BEA chief says
Bank's writ asks ex-chief secretary, charged with corruption, to repay loans reportedly in millions
Bank of East Asia chairman David Li Kwok-po was challenged by a shareholder yesterday over loans to former chief secretary Rafael Hui Si-yan, who is embroiled in the city's biggest corruption case.
At the bank's annual general meeting yesterday, the shareholder, who did not disclose her name, asked Li the exact amount of the loans and the reason for lending the money to Hui, who earned several million Hong Kong dollars a year. Media reports last year said the loans amounted to HK$60 million and were unsecured.
"Did the bank forgo the traditional prudential approach in its lending business?" she asked.
Li said he could not talk about the details of the debts, which are the subject of a writ BEA filed against Hui in the High Court last month, asking that he repay alleged debts related to overdrafts and credit cards. But Li denied the loans were unsecured.
"We are asking Hui to pay back the entire amount of the loans, and he is now paying us in batches," Li said.
Deputy chief executive Tong Hon-shing told the shareholder the bank had maintained a high level of risk management.