Grocery tycoon husband of former adult film star Veronica Yip files for bankruptcy in the US
- Jeffrey Wu made the application at the US Bankruptcy Court for the Eastern District of New York, owing nearly US$50 million out of his own pocket, according to the filing
- His wife, a former Miss Asia runner-up, became famous in Hong Kong for her roles in sexually themed adult films in the 1990s
The husband of Veronica Yip Yuk-hing, a former Hong Kong actress best known for her roles in adult films, has filed for bankruptcy in the US where he runs a vast wholesale food and supermarket business.
Grocery tycoon Jeffrey Wu made the application at the US Bankruptcy Court for the Eastern District of New York on Wednesday, owing nearly US$50 million out of his own pocket, according to the filing.
The 56-year-old, also known as Myint J. Kyaw, owns Mon Chong Loong Trading Corp, one of the largest oriental dry food wholesaler and distributors in the US, as well as a major Chinese grocery store, the Hong Kong Supermarket, with branches in the northeast and California.
As well as filing for personal bankruptcy with debts of US$48.5 million, Wu also applied to put three of his companies – property developers owing US$15.3 million between them – into administration, according to documents filed to the court.
Wu’s supermarkets were reportedly hit hard by the coronavirus outbreak, with shoppers confined to their homes for several months.
Additionally, Hong Kong Supermarket was among three shops in New York to be fined for excessively inflating prices to cash in on the health crisis. The Department of Consumer and Worker Protection fined the store US$69,500 for overcharging for supplies including face masks, gloves and tissues.
There are a number of individual creditors on Wu’s personal bankruptcy filing, including Bank of America, Chang & Son Enterprises, Haymarket Capital and Bluestone Group.
Among them, Bank of America alone held loans worth more than US$20 million.
