Hui Ka-yan and Ding Yumei: Financial Turmoil Following Evergrande’s Bankruptcy
Hui Ka-yan's Ex-Wife Given US$26,000 Despite Asset Freeze
A UK court has permitted Ding Yumei, the ex-wife of Hui Ka-yan, founder of Evergrande, to utilize up to US$26,187 per month for living expenses. This decision comes as her assets face an ongoing freeze initiated by the liquidators amid efforts to collect around HK$2.8 billion ($359 million) in dividends she received through two of her corporate vehicles between 2018 and 2020.
Overview of Current Legal Proceedings
The move to allow Ding a monthly stipend is part of broader legal maneuvers following Evergrande's liquidation. The liquidators are pursuing US$6 billion in recoverable funds from key individuals, including Hui, Ding, and other former executives. Hui Ka-yan, who previously stood as Asia's second-richest person, is embroiled in a major corporate fraud case that has drawn unprecedented scrutiny.
Financial Implications of Evergrande’s Situation
- Ding Yumei has a stake of 5.99% in Evergrande.
- She possesses over US$4 million in her UK bank account, as per court documents.
- The company owes more than US$300 billion in liabilities.
According to reports, Chinese authorities detained Hui last year for unspecified crimes linked to Evergrande’s alleged corporate fraud, where inflated sales figures and fabricated profits have been cited.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.