Neighbours (Alan/Hacken) caught in dispute owing HK$820000, Yiu Wing's investment suffers liquidation

(Alan: I don't know anything about this grown up's stuff; Hacken: I feel uncomfortable)

Three years ago, Cheung Yiu Wing's (known as the father of concerts) Investment Holdings Limited Company with Impact Entertainment Limited invested in HK$820000 worth of tickets for the "Left Alan Right Hacken" concerts but have still not seen returns. Yesterday, the High Court ordered liquidation, but Cheung Yiu Wing claims concerts will go ahead and funds will be no problem.

Yiu Wing Investment Holdings Limited was ordered by the court to liquidate. The judge pointed out that Cheung Yiu Wing has many business dealings with Cheung Kwok Chung's Impact Entertainment (International) Limited. 14 years ago, they both invested together to film the movie "The Tigers - The Legend Of Canton" which at the time promised to make money. In the end, HK$4090000 was lost and each had to bear the losses. However, the judge decided that these past issues had nothing to do with the present case. Cheung Yiu Wing was willing to pay instalments of HK$100000 over 9 months to pay back the debt, but he had not asked for the creditors' approval so the judge ordered liquidation.

Impact Entertainment entered the case in September 2004, claiming Yiu Wing Investment Holdings owed over HK$826000 in "Left Alan Right Hacken" tickets. The court ruled Impact Entertainment successful and that Yiu Wing had an outstanding debt. Impact Entertainment requested liquidation.

Originally Cheung Yiu Wing was to hold a concert for Sam Hui but Sam asked for HK$10million as insurance before he would sign. It is now cancelled and the 20 days that were booked will have to be filled in with other singers.

Yesterday, Cheung Yiu Wing accepted a telephone interview. "The court ordered Yiu Wing Investment Holdings to liquidate, not Yiu Wing Entertainment. Therefore Lau Fung Ping's, Harlem Yu's and ATV's Best Song's concerts will all go ahead as planned. I have no financial difficulties. Just recently I gave Anthony Chan HK$48milion to invest in mainland tv. He lost all of it and I never blamed him at all. It's like I gave a lot of money to Cheung Kwok Chung to invest in film. In the end, it was a loss. Things were complicated and it's hard to explain to outsiders."
Also, Celestial Asia Securities Holdings Limited has just entered a case to high court, requesting Cheung Yiu Wing to declare bankruptcy. The case will be dealt with on 10th April.

Hacken Lee and Alan Tam were both at TVB last night recording a program. Hacken said "I don't know what to say. Both Mr Cheungs had parts in my first concert. Uncle Yiu Wing has been a long time friend and I've heard disagreements between them before. But as part of the younger generation, I don't have the right to intrude. But I've felt uncomfortable."

Alan said "I don't know about this grown up's stuff (referring to him being eternally 25) but there must be a reason for this decision. Both the Mr Cheungs, I've known for a long time. With everyone talking, there's not much room to move and this needs to be explained to the shareholders." After being reminded that he was also a shareholder, Alan replied "There's a lot of people within the company, not just one or two. And relations between companies has nothing to do with the artists. Whoever is right, whoever is wrong, the most important thing is peace." When asked if it'll be awkward to see Cheung Yiu Wing, he said "Of course not. We just saw each other at the tracks the other day."

http://leehacken.com/news/2007/news_20070320.htm