Tuesday, March 20, 2007

Alan & Hacken in dispute owing $820,000; Yiu Wing's investment suffers the reconciliation

2007 Mar 20

Yiu Wing's investment suffers the reconciliation
Contradict's reason is not accepted

"Father of Concerts" Cheung Yiu Wing, Investment Holdings Limited Company with Impact Entertainment Limited, suffers reconciliation from court orders. Yiu Wing owed Impact Entertainment (International) Limited $820,000, beginning of this year, Impact Entertainment filed for bankruptcy; Yiu Wing points out, Impact and the higher official, Cheung Kwok Chung and Yiu Wing was also involved in other debt lawsuits, if Yiu Wing was proclaimed bankruptcy, then there is no way the lawsuit with Impact to continue, but will not be accepted by the judge.

Involved in another lawsuit with Impact Entertainment

Yesterday Impact Entertainment points, earlier together with region court, pursued Yiu Wing for $820,000 "Left Alan Right Lee Concert" tickets fee, Yiu Wing loses and needs to pay Impact Entertainment. However, Yiu Wing's side points, Impact Entertainment higher official, Cheung Kwok Chung and Yiu Wing had other business dealings, one of the dealings, Yiu Wing points out that in '83, Cheung Kwok Chung and Yiu Wing invested in the movie "The Tigers-The Legend of Canton", guaranteed a profit, but in the end they lost $4,090,000, asking Cheung Kwok Chung to pay. In addition, Cheung Yiu Wing's son, Cheung Wing Sun's company, earlier reported to the court to bankrupt all of Cheung Kwok Chung's companies. On behalf of Yiu Wing, yesterday points out, if they can take back this debt, they will clear the $820,000 debt to Impact, however the judge said the previous business dealings has nothing to do with the current case, and the reasoning was not accepted, so Yiu Wing suffers reconciliation.

Cheung Yiu Wing: feels it is unfair

Yesterday, reporters telephone Cheung Yiu Wing, was asked if he is okay with the result, he says: "I've always thought it was unfair, why is it that when there is profit I get none, but there is a debt, I have to put out even more money? I am not the picky-type of business man, for example when I invested $40,000,000+ money to Chan Yau's company, I never asked for any return, I also never looked through the books, therefore I am not complaining about the little $800,000+, I want to right justice. I repeal the case, and the court case with Impact will start in mid-April, likewise, I hope it will return me with the proper justice." Recently Yiu Wing will hold concert "Lau Fung Ping Concert" but it is not affected, it will continue.

"Alan, Hacken" feeling "helpless"

Yesterday, Alan and Hacken were at TVB and was asked about the case with Yiu Wing's company, as a Trustee for Impact, Alan says helplessly: "I really didn't know, I've known the two Cheungs (Cheung Yiu Wing, Cheung Kwok Chung) for a long time, I've always wanted them to sit down settle things calmly, but in the end it goes to court. I can only say, I am just a small child, I don't know the grown-up business." Alan says there are too many policymakers in the company, so he does not manage, but he has a clear conscience. Hacken also feels helpless because he is unable to help the two parties clear any contradictions.

[Sources: http://www.leehacken.com/news/2007/news_20070320.htm,
~ Mingpao] [translated by Jane]

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