 "Evergrande founder's ex-wife wins limited access to frozen funds in UK")
A British court has allowed the former wife of China Evergrande's founder to spend up to $26,180 per month from her frozen assets, following a case brought by the property developer's liquidators, Bloomberg News reported on Wednesday.
The troubled developer's liquidators are pursuing legal action to recover approximately $6 billion from seven defendants, including founder Hui Ka Yan's former spouse Ding Yumei, and former executives, with injunctions already secured against three of them.
The Hong Kong High Court in January ordered liquidation of the world's most indebted property developer, which has over $300 billion in liabilities and failed to present a viable restructuring plan for its $23 billion offshore debt.
As part of a broader effort to reclaim approximately HK$2.8 billion ($359 million) in dividends paid to Ding through her wholly-owned companies between 2018 and 2020, the UK court has permitted her monthly living expenses and legal fees up to £350,000, while pursuing recovery actions, Bloomberg said.
Ding owned a 5.99 per cent stake in Evergrande, according to last year's filings. Court documents dated Aug. 29 reveal that Ding has more than $4 million in her UK bank account.
She resides in an upscale London apartment within Thames City, a development project by CC Land Holdings Ltd. Notably, CC Land Holdings is chaired by Cheung Chung Kiu, a long-standing friend of Hui, Bloomberg said.
She resides in an upscale London apartment within Thames City, a development project by CC Land Holdings Ltd. Notably, CC Land Holdings is chaired by Cheung Chung Kiu, a long-standing friend of Hui, Bloomberg said.