Zhao Wei's husband Huang Youlong owed nearly HK $300million and was appealed by creditors

Zhao Wei and Huang Youlong (picture from the Internet)

according to Hong Kong media reports, the husband of mainland artist Zhao Wei, Huang Youlong, was accused of defaulting on two loans totaling HK $150million. On last Friday (25th), he and the loan guarantor were appealed by the creditor to the court of first instance of the high court. The creditor requested the court to order Huang Youlong and the guarantor to repay all arrears, with the total principal and accumulated interest of nearly HK $300million (about 250million yuan) 。

In this case, the plaintiff Wanhui Co., Ltd., the first defendant Huang Youlong and the second defendant Yun Yufeng. According to the plaintiff's appeal, the first defendant reached a loan agreement with a "Mingnuo International Finance Co., Ltd." in August 2016, and Mingnuo international finance agreed to lend HK $100million to the first defendant. The second defendant acted as the loan guarantor of the first defendant. In terms of repayment arrangements, the first defendant must hand over a cheque of HK $100million and 12 cheques of HK $2million to minnows international finance in advance. Minnows international finance cashes a cheque of HK $2million each month as interest, and cashes a cheque of HK $100million principal after 12 months

By October of the same year, minnow international finance and the first defendant reached the second loan agreement, which was also guaranteed by the second defendant, with a loan of HK $50million. The loan will be repaid within three months, also with a pre filled cheque. The interest of HK $1million will be repaid every month, and the principal will be repaid after three months

The plaintiff said that since June 2017, the first defendant's repayment cheque could no longer be cashed. In other words, the first defendant never repaid the principal except for paying part of the interest. Then minnow international finance transferred these two debts to the plaintiff in November, 2018. The plaintiff said that up to now, the principal plus interest owed by the first loan has accumulated to HK $199million; The total arrears of the second loan also reached more than HK $98.95 million. The plaintiff now requires the two defendants to immediately repay the relevant amount, and pay the interest that continues to accrue before repayment and the plaintiff's litigation costs