Hong Kong Court Declares Ex-Official Hui Bankrupt, RTHK Says

Former Hong Kong No. 2 official Rafael Hui has been declared bankrupt by the city’s High Court, Radio Television Hong Kong reported, citing court proceedings.

The court has granted a bankruptcy petition by Bank of East Asia Ltd., the report said. Hui, who faces a corruption trial in May, is also being sued by Sun Hung Kai Properties Ltd. for HK$3.16 million ($407,632) over a loan, according to court filing.

Hui earlier pleaded not guilty to bribery and misconduct charges related to payments and loans totaling about HK$35 million from Sun Hung Kai for undisclosed favors. Thomas and Raymond Kwok, the billionaire co-chairmen of one of the city’s two-biggest developers, and two other men charged in the case, have also pleaded not guilty.

Edwin Choy, the lawyer representing Hui in the trial, didn’t immediately return calls from Bloomberg News seeking comments.

Hui has been sued by at least five banks, including Hang Seng Bank Ltd. and Standard Chartered Plc, for almost HK$75 million in total debts, the South China Morning Post reported Oct. 5, citing court proceedings.

Hui, who was first arrested in March 2012, was Hong Kong’s chief secretary from 2005 to 2007. In his more than three decades in government, Hui served as secretary for financial services and set up the city’s public pension fund before being appointed as the city’s No. 2 official.

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