21st November 2023 – (Hong Kong) Goldin Financial Holdings Chairman and Executive Director Pan Sutong, who has faced financial troubles in recent years and resigned from his positions, is facing bankruptcy proceedings after failing to repay an HK$8 billion loan held by his fully owned company, Silver Starlight Limited. The court has issued a bankruptcy order against Pan and ordered the liquidation of his company. Pan and his company have appealed the court’s decision, but the appeal is still pending. In addition to the bankruptcy case, Pan Sutong has now been sued by HSBC Holdings in the High Court, seeking to recover mortgage payments and reclaim his property and parking spaces in The Leighton Hill.
The plaintiff in the case is Hongkong and Shanghai Banking Company Limited (HSBC), and the defendant is Pan Sutong. According to the court documents, the defendant’s address is Unit 1, The Leighton Hill, 2B Broadwood Road. The plaintiff claims that on 30th June, 2014, they entered into a mortgage agreement with the defendant and is now demanding repayment of the outstanding mortgage amount. The plaintiff also seeks to reclaim a property unit (including its air conditioning platform) and a parking space located at Unit 1, The Leighton Hill, 2B Broadwood Road. The plaintiff is requesting the defendant to pay interest, legal costs incurred in this lawsuit, and any further relief or assistance deemed appropriate. The court has not yet scheduled a hearing for this case, as indicated on the judicial authority’s website.
Previous reports indicate that although Pan Sutong was declared bankrupt in July last year, the court approved a stay application filed by the trustee in February this year. This means that the calculation of Pan’s bankruptcy period will not begin until he meets with the trustee, effectively extending the four-year bankruptcy order. In addition, in a judgment issued last month, the court addressed the issue of Pan Sutong’s outstanding debts. Creditors held a meeting on 11th August, 2022, and there was a dispute regarding the debt owed to China CITIC Bank. The meeting ultimately ruled that Pan currently owes China CITIC Bank HK$56 billion. However, one of the creditors, Seashore Global Group Ltd, opposed the ruling and sought a court judgment. The judge ultimately ruled that the HK$56 billion debt belongs to Pan.