Former HKMEx chairman Barry Cheung declared bankrupt by Hong Kong court

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Former HKMEx chairman Barry Cheung declared bankrupt by Hong Kong court

PUBLISHED : Wednesday, 15 April, 2015, 12:23pm
UPDATED : Wednesday, 15 April, 2015, 1:58pm

Thomas Chan [email protected]

Barry Cheung is due back in court on Monday to face sentence. Photo: David Wong

Former executive councillor and chairman of the defunct Hong Kong Mercantile Exchange Barry Cheung Chun-yuen was declared bankrupt by a court today with debts of at least HK$116 million.

High Court Recorder Linda Chan Ching-fan SC made the order following a bankruptcy petition filed by Leung Chee-hon, former non-executive director of Sunley Holdings, now known as CNQC International Holdings. The petition is also supported by two other creditors – Fully Field and Sinomax Finance.

Cheung did not appear in court nor have any legal representation.

The Court of First Instance heard that Cheung owed Leung HK$47 million and Fully Field HK$72.8 million. Cheung only paid back HK$3 million to Leung last June.

“Mr Cheung has not filed any affirmation [in relation to the petition],” Chan said. “The petition has support from another creditor, Fully Field Limited, to which HK$72.8 million is owed.”

Cheung is also due to face sentence on Monday after pleading guilty to failing to pay wages and another of failing to pay a sum ordered by a tribunal in legal proceedings that have lasted almost two years.

Previously, Kowloon City Court heard that the former chairman of the commodity trader owed his former employee Raymond Ma Shui-lung about HK$207,000 in wages from May to August 2013.

Cheung later ignored a Labour Tribunal order made in November 2013 for him to pay Ma, a senior corporate communications manager, HK$340,000, including benefits, within 14 days.

Magistrate Veronica Heung Shuk-han said: “I think imprisonment might be appropriate.”

Cheung could face a maximum sentence of three years in jail and a fine of HK$350,000.