The last person you’d expect to see in financial troubles is probably Stephen Chow.
After all, he’s a well-known comedy-action star.
A well-known director with at least one movie which smashed box office records
And he’s the boss of his own company which generated hundreds of millions of dollars in profit over three years.
Unfortunately, Chow is now facing some financial problems and it’s made worse by Covid-19.
Stephen Chow Reportedly Owes His Ex-Girlfriend of 13 Years S$14 Million
Be prepared for a “he-said-she-said” situation here.
According to 8Days, Chow’s ex-girlfriend, Yu Manfung, whom he had dated for 13 years, sued him for HK$80 million (~S$14 million) back in 2012.
They broke up in 2010.
This amount, she claims, is a commission owed to her for the expected sale of his luxury home at The Peak in Hong Kong.
Given that Chow is still living in the house, he should pay her the 10% commission.
Chow, on the other hand, said that he had given her HK$10 million (~S$1.75 million) out of goodwill and that he doesn’t owe her anything.
When there’s a disagreement between rich people? Well, they will face each other in the courtroom come November.
That’s not the only financial woe Chow has, though.
Owes Investors Money
Chow reportedly signed a “Bet-On Agreement” to convince his investors to invest in his company.
He guaranteed a profit of HK$1.04 billion (S$180 million) after four years for the investors if they agree to invest a total amount of HK$133 billion (S$230 million).
Something like what we always do in primary school: Lend me $2 and tomorrow, I’ll return $4.
Except, the duration is longer and the amount, bigger.
For the first three years, everything was fine and Chow’s company registered a profit of HK$670 million (S$117 million).
It was in the fourth year that Chow met with some troubles.
Due to Covid-19 disrupting practically everything, investors only got HK$160 million (S$30 million).
With the contract expiring and target not reached, Chow’s investors are now hounding him for the agreed-upon amount.
Some had even asked him to buy back their shares of the company.
In total, he owes his ex-girlfriend (if the court rules in her favour) and investors HK$270mil (S$47.4mil).
Mortgaged His Own Home
Back in Mar 2020, Chow had mortgaged his own home to J.P Morgan Chase Bank.
With Covid-19, the global film industry has practically come to a standstill.
His previous film, The New King Of Comedy, did not perform well.
In China, the movie only earned S$123 million. In comparison, The Mermaid (2016) earned S$668 million in China.
It, however, wasn’t the first time he had mortgaged his own home.
He had to do it once in 2011 and only managed to get it completely back in 2019.
When it was known in June 2020 that he mortgaged his own home, some believed that he wasn’t in financial trouble but was doing it to fund a new movie.
I guess now, we know, that it might not be the case.
He’s not the only one either as 8Days suggested that Vicki Zhao might be facing some troubles of her own too.
Covid-19: causing trouble even for the rich folks.
If you watch at least 10 minutes of brain rot content daily, you must know this:
Read Also:
- 7 People, Including a S’porean, Killed in 3-Vehicle Collision in M’sia
- Prosperity Burgers At McDonald’s From 26 Dec 2024, Free Cinnamoroll & My Melody Red Packets From 2 Jan 2025
- Polite & Well-Dressed Man Reportedly Asking for Money at Waterloo Street
- A Summary of Why Long Hair Was Once “Banned” for Guys in Singapore
- SingPost Fires Its Group CEO, Group CFO & Another High-Ranking Officer
- Everything About the New Mandai Rainforest Resort, Which Will Open in April 2025
Advertisements
