Pa Shun International Holdings Limited 百信國際控股有限公司
Bankruptcy trustees of Chen Yen Fei v Lee Yuk Suet & others
HK Court of First Instance, 10-Apr-2024
The ex-Chairman of Pa Shun (0574) was declared bankrupt on 18-Jun-2020 but on 31-Jul-2020 he and his wife Lee Yuk Suet obtained an ancillary relief order in their divorce, ordering transfer of certain shares and properties from him to her. They claim that he was all along holding the assets in trust for her after an oral separation agreement in 2003, but the court does not believe this, so the assets go to the bankruptcy trustees.
HK Court of First Instance, 10-Apr-2024
The ex-Chairman of Pa Shun (0574) was declared bankrupt on 18-Jun-2020 but on 31-Jul-2020 he and his wife Lee Yuk Suet obtained an ancillary relief order in their divorce, ordering transfer of certain shares and properties from him to her. They claim that he was all along holding the assets in trust for her after an oral separation agreement in 2003, but the court does not believe this, so the assets go to the bankruptcy trustees.
Pa Shun (0574): key findings of forensic investigation into Malaysian property deals
Company announcement, 27-Oct-2023
Company announcement, 27-Oct-2023
Pa Shun (0574): termination of Malaysian property purchases
Company announcement, 12-May-2022
It turns out that the Malaysian companies, 49% of which was acquired in 2019 from Perway Yu Kin Wai and Alfonso Chu Hin Ming, did not own the properties and the Developer has now terminated the transactions - presumably due to default. We note that Pa Shun bought the stakes on the basis of the valuation of the properties.
Company announcement, 12-May-2022
It turns out that the Malaysian companies, 49% of which was acquired in 2019 from Perway Yu Kin Wai and Alfonso Chu Hin Ming, did not own the properties and the Developer has now terminated the transactions - presumably due to default. We note that Pa Shun bought the stakes on the basis of the valuation of the properties.
Chen Yenfei bankrupt, vacates office as Chairman & CEO of Pa Shun (0574)
| Judgment
Company announcement, 23-Jun-2020
Company announcement, 23-Jun-2020
Pa Shun (0574) buys 49% of another Malaysian property vehicle from Perway Yu Kin Wai and Alfonso Chu Hin Ming for HK$19.09m in new shares
| Completion
Company announcement, 3-Apr-2019
Company announcement, 3-Apr-2019
Pa Shun (0574) buys 49% of Malaysian property vehicle from Perway Yu Kin Wai and Alfonso Chu Hin Ming for HK$45.325m in new shares
| Completion
Company announcement, 10-Mar-2019
Company announcement, 10-Mar-2019
Alleged hacked BOCI account explains Pa Shun Pharma (0574) surge
A Cyberport-based investment company alleges that an unauthorised person logged into its BOCI account and bought up 4.92% of PSP at an average 36% above the previous day's close, draining its account of about HK$37.7m. The SFC has today commenced a general cybersecurity review on brokers' systems after 16 incidents in the last 12 months involving over HK$100m. (13-Oct-2016)
A Cyberport-based investment company alleges that an unauthorised person logged into its BOCI account and bought up 4.92% of PSP at an average 36% above the previous day's close, draining its account of about HK$37.7m. The SFC has today commenced a general cybersecurity review on brokers' systems after 16 incidents in the last 12 months involving over HK$100m. (13-Oct-2016)
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