HK01 founder Yu Pun-hoi declared bankrupt

The High Court on Tuesday declared media tycoon Yu Pun-hoi bankrupt, after a failure to repay debts of more than HK$400 million to a mainland investment bank. Yu is the chairman of formerly listed Nan Hai Corporation, the parent company of online media outlet HK01. The court heard that the creditor, CCB International Overseas Limited, cited an audit report which suspected Nan Hai was unable to pay its debts, adding it had asked for the payment in July last year. Yu's lawyers said he had used the company's shares and had an independent accountant's report on their value as a guarantee of intent to pay back the debt. His legal representatives also requested to adjourn the hearing further. However, Deputy High Court judge Sara Tong said she considered the adjournment request a last ditch effort to make further delays to the case. Ruling in favour of the creditor, she noted that while the creditor had filed court documents in the middle of February, Yu had not taken any action until Monday last week. Tong declared him bankrupt and ordered him to pay the costs of the case.