Court Denies Evergrande Founder Funds for Legal Costs
Hong Kong High Court rejects a lawyer request to use Evergrande founder assets for legal costs. Liquidators continue efforts to claw back billions in funds amid ongoing debt proceedings.
Hong Kong's High Court on Wednesday rejected a request from the lawyer for founder Hui Ka Yan of embattled property developer Evergrande to use $153,039 in liquidator-controlled funds for legal costs. The decision comes as liquidators battle to claw back $6 billion in dividends and remuneration from former executives. Evergrande defaulted on $300 billion in liabilities, fueling a broader property sector crisis in China.
