China Evergrande Group chairman Hui Ka-yan plans to refuse disclosing details of his assets, its liquidators said, likely complicating efforts to wind up the defaulted builder to pay back creditors.
Hui expressed his intention to the court on April 23, a lawyer representing the liquidators said during a hearing on Tuesday at the Hong Kong High Court. Hui’s lawyer, who was at the hearing, did not push back on the liquidator’s statement.
While the liquidators argued for the earliest date possible for the hearing to resume, Hui’s lawyer asked the court for more time given that the case is “complex” and “sensitive”. The judge said the hearing on Hui’s case will not be held before June 30.
Tuesday’s hearing is part of a legal battle waged by the liquidators to outline and potentially claw back scraps from one of the world’s biggest corporate implosions. Clarity on Evergrande’s assets tied to Hui is crucial for liquidation as the filings show he controls nearly 60 per cent of the total stake.
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A vanishing fairyland dream: how China Evergrande rose, then crashed
A vanishing fairyland dream: how China Evergrande rose, then crashed
Hui’s lawyer did not immediately respond to a request for comment.
