Former actress Pace Wu and her billionaire boyfriend Ji Xiaobo aren’t the only ones facing serious financial problems. '90s screen goddess Veronica Yip’s businessman husband Jeffrey Wu, who founded the Hong Kong Supermarket chain in the US before venturing into banking and real estate, filed for bankruptcy on July 8. He was previously reported to be worth over S$1bil (S$1.39bil).
According to his personal bankruptcy filing at the US Bankruptcy Court for the Eastern District of New York, he now has assets less than US$50K (S$69.5K) and liabilities between US$50mil (S$69.5mil) to US$100mil (S$139mil).
The 56-year-old businessman, who also owns Mon Chong Loong Trading Corp, one of the US' largest Asian dry food wholesaler and distributors, has also put three of his property developer firms into administration. It's said that they have a combined debt of US$15.3mil (S$21.3mil).
Adding on to the Burma-born businessman's financial woes is the US$69.5K (S$96.7K) fine Hong Kong Supermarket received for price gouging. They were found to have overcharged for face masks, gloves, tissues and other supplies that were high in demand during the COVID-19 outbreak.