Evergrande founder's ex-wife wins limited access to frozen funds in UK court, Bloomberg reports (updated)

China Evergrande New Energy Vehicle

11/09/2024 04:54

(Writes through with further details)
       Sept 11 (Reuters) - A British court has allowed the
former wife of China Evergrande's  3333.HK  founder to spend up
to £20,000 ($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% 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. 
        
  
($1 = 0.7639 pounds)

 (Reporting by Roushni Nair in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((Roushni.Nair@thomsonreuters.com;))