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493 replies to this topic | 2,426 praises

#1

Posted 04 July 2007 - 10:41 PM

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ST 4July

BANKRUPT former National Kidney Foundation (NKF) chairman Richard Yong has been arrested in Hong Kong for fleeing the country illegally and failing to hand over assets.

The Subordinate Courts had issued a warrant for his arrest, and Yong was declared a wanted man on June 13.

The charges: Fleeing the country illegally on May 17 and failing to hand over assets as required by the Bankruptcy Act.

Yong's departure came in the wake of revelations on May 9 that he had sold three apartments for $7.5 million shortly after losing a suit the NKF had filed against him, ex-board members Loo Say San and Matilda Chua, as well as former chief T.T. Durai.

The charity's lawyers on May 11 obtained a Mareva Injunction - requiring Yong to give details of his assets, and to prevent him from disposing of them.

Three days later, the NKF filed a police report against Yong alleging that he sold his property to escape paying the $11 million he owes the charity in damages.

He was declared bankrupt on May 16, but he crossed the border into Malaysia late that night before the immigration authorities could be alerted.

In a statement on June 13, the Ministry of Law said that the Official Assignee (OA) had worked with relevant authorities to determine if Yong fraudulently disposed of his property.

The OA is an officer of the court who administers the affairs of bankrupts.

Yong was supposed to have filed a Statement of Affairs - a written declaration of a bankrupt's assets and liabilities - to the OA by Tuesday. The statement came to the Insolvency and Public Trustee's Office, but only after it had closed for the day.

On May 21, Yong had filed a brief affidavit from Kuala Lumpur stating that he had only $247 in a bank account and that the cash from selling his properties had gone towards repaying loans and legal fees.

The Bankruptcy Act states that it is an offence for a bankrupt to give away or transfer assets for a period of five years prior to the date of the bankruptcy order.

Those found guilty face up to three years in jail and a maximum $10,000 fine.

Bankrupts who leave the country without permission face up to two years in jail and a maximum $10,000 fine.

#2

Posted 04 July 2007 - 10:46 PM

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Orr Bee Good! thumbsup.gif

#3

Posted 04 July 2007 - 10:48 PM

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He also Got Today..... rolleyes.gif
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无论那一方面都充分体现尊重二字。

#4

Posted 04 July 2007 - 11:01 PM

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Damn I cant imagine he got caught. He was supposed to run away and live happily ever after!

#5

Posted 04 July 2007 - 11:05 PM

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wah I like you chinglish sia.

wonder how he went from msia to hk. Maybe by sampan?

#6

Posted 04 July 2007 - 11:05 PM

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Ah Mar chiak Ku Loot



#7

Posted 04 July 2007 - 11:07 PM

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Wanna run away must choose countries that SG has no diplomatic ties mah.

Should run to places like Iraq, North Korea, Cuba...

#8

Posted 04 July 2007 - 11:08 PM

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man, he is going to get big time.

And now the attention is diverted to him rather than Durai.

#9

Posted 04 July 2007 - 11:09 PM

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ST 4July

BANKRUPT former National Kidney Foundation (NKF) chairman Richard Yong has been arrested in Hong Kong for fleeing the country illegally and failing to hand over assets.

The Subordinate Courts had issued a warrant for his arrest, and Yong was declared a wanted man on June 13.

The charges: Fleeing the country illegally on May 17 and failing to hand over assets as required by the Bankruptcy Act.

Yong's departure came in the wake of revelations on May 9 that he had sold three apartments for $7.5 million shortly after losing a suit the NKF had filed against him, ex-board members Loo Say San and Matilda Chua, as well as former chief T.T. Durai.

The charity's lawyers on May 11 obtained a Mareva Injunction - requiring Yong to give details of his assets, and to prevent him from disposing of them.

Three days later, the NKF filed a police report against Yong alleging that he sold his property to escape paying the $11 million he owes the charity in damages.

He was declared bankrupt on May 16, but he crossed the border into Malaysia late that night before the immigration authorities could be alerted.

In a statement on June 13, the Ministry of Law said that the Official Assignee (OA) had worked with relevant authorities to determine if Yong fraudulently disposed of his property.

The OA is an officer of the court who administers the affairs of bankrupts.

Yong was supposed to have filed a Statement of Affairs - a written declaration of a bankrupt's assets and liabilities - to the OA by Tuesday. The statement came to the Insolvency and Public Trustee's Office, but only after it had closed for the day.

On May 21, Yong had filed a brief affidavit from Kuala Lumpur stating that he had only $247 in a bank account and that the cash from selling his properties had gone towards repaying loans and legal fees.

The Bankruptcy Act states that it is an offence for a bankrupt to give away or transfer assets for a period of five years prior to the date of the bankruptcy order.

Those found guilty face up to three years in jail and a maximum $10,000 fine.

Bankrupts who leave the country without permission face up to two years in jail and a maximum $10,000 fine.


song ah... song gue si0 k??
~~~ modest wealth comes from frugality and great wealth is Heaven's will ~~~

#10

Posted 04 July 2007 - 11:10 PM

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"You can run, but you cannot hide".
Sounds familiar?

#11

Posted 04 July 2007 - 11:10 PM

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Should hang Richard on a tree at Orchard, and let people throw pomg pong at him.

Followed by tying Durai below a durian tree, and let falling durians whack his head.

#12

Posted 04 July 2007 - 11:11 PM

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Damn I cant imagine he got caught. He was supposed to run away and live happily ever after!


he probably miss his fix at GL and mongkok is the only other pl he can get some satisfaction
Signature is not allowed.

#13

Posted 04 July 2007 - 11:18 PM

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i think he hide all the money already. even if jail and fine him, after x number of years, he can come out of bankruptcy and get his hidden money.
either that or he is a damn kuku person, that is why can let durai fool him
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#14

Posted 04 July 2007 - 11:28 PM

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Should hang Richard on a tree at Orchard, and let people throw pomg pong at him.
Followed by tying Durai below a durian tree, and let falling durians whack his head.


Nutty, you are so wicked.
I just hope both of them suffer from kidney failure.

#15

Posted 04 July 2007 - 11:32 PM

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Went HKG to buy those flashy tie!

#16

Posted 04 July 2007 - 11:34 PM

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He sure have a hard time explaining how the hell he can fly to HK and continue surviving there with only $247. laugh.gif

Edited by Zhivago, 04 July 2007 - 11:37 PM.


#17

Posted 04 July 2007 - 11:39 PM

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CANE HIM! Hope the court official make a mistake n give him the CANE. smash.gif

#18

Posted 04 July 2007 - 11:40 PM

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that is HKD5K++, khiam khiam eng still boleh tahan one... laugh.gif
~~~ modest wealth comes from frugality and great wealth is Heaven's will ~~~

#19

Posted 04 July 2007 - 11:41 PM

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then he ask for 1 cane $1M how? very fast he clear his debt leh like that
~~~ modest wealth comes from frugality and great wealth is Heaven's will ~~~

#20

Posted 04 July 2007 - 11:43 PM

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Sure bo bro,judging from his flashy clothing and life style dun think he can resist KTV in HK leh. laugh.gif


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